OPEC's Barkindo says it is too early to say if further output cuts are needed

Oil moves another leg lower after comments from the OPEC secretary-general.
Spot WTI is now 0.91% lower on the session.

Rajan Dhall, MSTA FX Daily

OPEC Secretary General Barkindo says it is too early to say if further output cuts are needed

The oil market was struggling today anyway after Trump failed to confirm if any progress was made in the trade war with China.

Today we will also get the API inventory data a day late as it was veterans day in the US on Monday.

Yesterday, Saudi Arabia stated they are looking for ways to increase oil demand by up to an extra 8 million barrels per day.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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