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Brent remained around $64-65 yesterday as market digested oil comments and weaker dollar

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 16 Feb 2018 08:40 GMT

Brent oil price remained around $64-65-level yesterday as markets digested various comments from oil producers and a weaker USD, increasing global stocks gave some support

Saudi Arabian energy minister stated that "if we have to overbalance the market a little bit, then so be it, rather than quitting too early and finding out we were dealing with less reliable information". Non-OPEC oil producer Russia also commented on the market, saying that prices might fluctuate between $50-70 in the coming months ant that current oil price is acceptable. Nigeria, OPEC member and Africa's largest oil producer, remains "not ruffled" by oil prices' decline from January's above $71-level to current lower price levels and "OPEC needs to just focus on itself and ...forget what is happening in shale..." said the country's oil minister. OPEC and non-OPEC oil producers will meet in June to discuss the current oil production cut deal.

Turning to economic data, today sees U.S. housing data and UK retail sales. Note that on top of Chinese New Year over the next week, Monday is a holiday in the U.S. (Washington's Birthday). On that note, due to the U.S. holiday, the weekly oil inventory reports from API and EIA will be one day delayed to Wednesday and Thursday respectively.

This week has been extremely volatile in the oil markets so expect this to continue today as markets are struggling to find their feet.



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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