Can we expect consistency in the Oil price?
|Last week WTI was up $2.48 and Brent +$2.05, it didn't feel that good but the heavyweights came in from Opec and Non-Opec and lifted the gloom. The final piece in the jigsaw was the Saudi Energy Minister stating that they would prefer to keep the market short than the other way around, marginal barrel and all that as we have discussed. If that means what it says, and the agreement stays in place for at least all this year then it is realistic to assume some degree of consistency in the oil price.
The overall rig count on Friday was unchanged at 975 with oil units up 7 at 798, the US cannot be a swing producer or even decide the price of the marginal barrel the last time I looked…
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.