Malcolm Graham-Wood
Independent Analyst
Further weakness in the oil price yesterday as the China crisis played on, at least the authorities suspended the suspending of the markets working out that if you think you are about to be banned from selling your stocks that you should get on and sell them. Also we should bear in mind that it is a predominantly much more of a retail exchange than other international Bources and behaves accordingly, and that it has gone up more than we might care to remember. Yesterday both WTI ($32.10) and Brent ($32.16) hit intra-day lows but came out fighting, today really needs to be an up day all round. The word on everybody’s lips is capitulation, will that take the form of a final commodity shakeout or will it be corporate, either way I dont think we have seen it yet although it may be quite close.
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