Malcolm Graham-Wood
Independent Analyst
The oil price was modestly up yesterday lunchtime in the US preparing for a quiet long weekend, the NFP numbers were in line at least with GSach’s best guess although there was a revision down of previous data, the greenback had fallen giving crude some support. Then the rig count came out and Baker Hughes said that overall rigs were up 3 at 862 and in oil were up 12 at 640. This was the first rise in 29 weeks, since December in fact and whilst was entirely predictable took the best part of a dollar off the price. This morning the price is about 30c off the US close as Europe prepares for the referendum in Greece which is looking quite close at the moment.
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