9 Dec 2014
No obvious floor at the moment for oil price - Malcolm Graham-Wood
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood notes that markets should expect more pain as there is no obvious floor for oil prices yet.
Key Quotes
“It was move down Monday as traders told me that in an extraordinarily illiquid market buyers stood off and let the price continue to fall. There is no obvious floor at the moment but the market should expect more pain, if you are a seller that is. The CEO of KNOC said yesterday that he thought the price would remain at ‘around $65 for the next 6-7 months’ at this rate that would be quite a result…”
“On the plus side the retail price of gasoline continues to fall, for their Christmas shopping and travelling at US moment punters are paying only $2.67 a gallon, another 10 cents down from last week and 59 cents less than at last yuletide.”
Key Quotes
“It was move down Monday as traders told me that in an extraordinarily illiquid market buyers stood off and let the price continue to fall. There is no obvious floor at the moment but the market should expect more pain, if you are a seller that is. The CEO of KNOC said yesterday that he thought the price would remain at ‘around $65 for the next 6-7 months’ at this rate that would be quite a result…”
“On the plus side the retail price of gasoline continues to fall, for their Christmas shopping and travelling at US moment punters are paying only $2.67 a gallon, another 10 cents down from last week and 59 cents less than at last yuletide.”