Oil prices heading towards fifth consecutive week of gains - BBH
|Research Team at BBH, notes that the rally in oil prices is continuing and although oil prices are marginally extended yesterday's losses, it looks like the fifth consecutive week of gains.
Key Quotes
“The momentum is slowing. In the last week of September, prices rallied nearly 8.5%. In the first three weeks of October, the pace has been 3.25%, then 1.1% and this week 0.5%. Comments from various oil officials, from Saudi Arabia to Russia, Nigeria, and Iran, seem to have contributed to an increasingly cautious stance toward any output freezes or cuts. To lend credence to our sense that oil prices may be rolling over, the December light sweet contract needs to break below the $49.70 area, which is about a dollar lower from prevailing levels.”
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.