Oil Price analysis: WTI $48.59 -97c, Brent $51.90 -80c, Diff -$3.31 +17c, NG $2.98 +10c

Rather than reacting on the upside to the geopolitical concerns over North Korea the oil price followed world markets down yesterday and again this morning by about another 50c. Things were not helped by a spokesman at Gazprom saying that he considers that it would be ‘economically feasible' to resume production from mature fields when the Opec/Non-Opec deal expires. The naivety of such economic interpretation requires some questioning but I suspect working in a vacuum answers most of it.

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