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After touching $71.2 yesterday, Brent is currently trading just above $70

By A/S Global Risk Management.



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Updated on 26 Jan 2018 09:10 GMT

After touching $71.2 yesterday, Brent oil price is currently trading just above $70.

Comments around the international economic forum in Davos, ending today, gave some additional market volatility this week.

Volatility of the U.S. dollar yesterday spilled over to the oil market and gave some intraday swings in oil prices. Mixed messages from first the U.S. treasury secretary and then the president contributed to the sentiment. Traditionally, a strong USD weighs on oil prices and vice versa.

Tonight, the weekly oil rig count from Baker Hughes is published. Last week's data showed a decline in the number of active drilling rigs. Earlier this week, data from the Energy Information Administration (EIA) showed decline in crude oil stocks along with a production increase of 128,000 barrels to a record of 9.878 barrels per day. Several analyses point to U.S. oil production exceeding 10 mio. barrels per day this year, thereby exceeding Saudi Arabia's production and becoming the second-largest oil producer in the world, only surpassed by Russia.

Looking at economic key data, today's main event will likely be the UK and US GDP. The ECB left its policy measures unchanged yesterday.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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