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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
16 Mar 2015 09:02 GMT





A/S Global Risk Management logo. Oil prices near one-month low - all eyes on upcoming central bank statement (Brent: $54.1)

Oil prices dropped close to one-month low on Friday as the USD hit 12-year high and the Paris-based International Energy Agency (IEA) commented on the oil supply situation. U.S. Consumer expectations and sentiment as well as inflation data disappointed on Friday afternoon.

News of another drop in U.S. oil drilling rigs could not offset the bearish sentiment on Friday as the dollar resumed its increase after a short pause on Thursday. An IEA survey pointed to a continued supply glut - a non-OPEC supply increase of 1.4 mio. barrels per day in February compared to last year - and swelling U.S. storage facilities.

Main potential market mover on the economic data front will be Wednesday's FOMC meeting and press conference following the 2-day meeting commencing tomorrow. The markets will focus on whether the phrase "patient" will be removed and if there is any news on the timing of an interest rate hike. Tonight, head of the European Central Bank, Mario Draghi, will speak at a finance summit in Frankfurt.


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Company: A/S Global Risk Management Ltd.

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