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16 Mar 2015
Oil price suffers, falls almost 10% on the week – Malcolm Graham-Wood
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood comments on the oil market, noting that oil prices came back to reality in March, with WTI and Brent falling almost 10% on the week, as ever increasing inventory continues to weigh.
Key Quotes
“It was a bad week for the oil price as the joy of February becomes the reality of March, the strong greenback also put paid to any rally and both WTI and Brent fell nearly 10% on the week. It was a two way pull, as ever increasing stocks with decreasing places in which to store them was countered by another big fall in the rig count.”
“Baker Hughes reported that the overall rig count was down by 67 units to 1125 with the number for oil being down 56 to 866 rigs.”
“In Canada the fall was far greater in percentage terms and whilst the long term nature of the oil sands will not change much it bodes badly for the longer term.”
Key Quotes
“It was a bad week for the oil price as the joy of February becomes the reality of March, the strong greenback also put paid to any rally and both WTI and Brent fell nearly 10% on the week. It was a two way pull, as ever increasing stocks with decreasing places in which to store them was countered by another big fall in the rig count.”
“Baker Hughes reported that the overall rig count was down by 67 units to 1125 with the number for oil being down 56 to 866 rigs.”
“In Canada the fall was far greater in percentage terms and whilst the long term nature of the oil sands will not change much it bodes badly for the longer term.”