Malcolm Graham-Wood
Independent Analyst
More pressure on the oil price with lows tested during the day, the fact that Brent finished above 40 bucks is more luck than judgement. The EIA inventory stats looked like they were going to help with crude drawing by 3.6m barrels against forecasts of a build of 730/- barrels but just when you thought it was safe to go back in the water distillates built by 5m barrels much higher than the whisper of 2.3m. The Opec monthly report is unlikely to add much although expect a bigger reduction in US production as per the EIA.
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