Falls of 89c and $1.44 on the week for WTI and Brent respectively

ANALYSIS | 12/21/2015 11:06:13 GMT

Falls of 89c and $1.44 on the week for WTI and Brent respectively seem like quite a result, at times it felt much worse. The reality is indeed worse, at least for the time being and this morning in eastern markets Brent traded intra-day at $36.04 which puts it through all sorts of levels, historic lows, chart support to name but two. The strong greenback doesnt help and the Baker Hughes rig count on Friday showed a new low in natural gas units but a surprise jump in oil rigs of 17 to 541.

Barry has signed the bill which ends the forty year old crude oil export ban but most see few changes, cant see North Dakota crude going into China anytime soon but there will be benefits as always befits a freed up market and Dan Yergin will be pleased.

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