There was a small rally in the oil price yesterday ahead of the expiry of the Brent contract today but traders tell me that it was a lot of puff and this morning there is already a 50 cent retreat. The EIA stats gave some hope as like the API numbers, analysts were wrong-footed and the forecast draw of 2m barrels turned into a build of 1.4m barrels.
Economic data in the Eurozone is poor this morning with the German economy contracting and France stagnating, not good for oil demand.
Internationally there is even more crude around to compete with Brent as in Libya the Ras Lanuf terminal re-opened after a year out of action and this morning a 670/- barrel tanker has sailed.
Economic data in the Eurozone is poor this morning with the German economy contracting and France stagnating, not good for oil demand.
Internationally there is even more crude around to compete with Brent as in Libya the Ras Lanuf terminal re-opened after a year out of action and this morning a 670/- barrel tanker has sailed.
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