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Price of oil still sliding

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood points out that the decline in the price of oil continues and even the better than expected US NFP numbers last Friday weren't able to prop it up.

Key quotes

"Today and yesterday has seen some fairly grim economic stats from Germany, factory orders down 5.6% and today industrial output has fallen sharply, minus 4% was way away from the 1.5% economists expected."

"In the states there is a lot of news about gasoline at the moment, US retail prices are falling as you would expect at this time of the year but some local markets are strong."

"This is particularly the case in the North East where Irving Oil has announced that its New Brunswick refinery will stay shut until November 30th making that month quite tight as it provides 300/- b/d day of gasoline and general product into those markets."

"API stats tonight and plenty of releases from the agencies later this week."

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