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IEA report weighs on oil price

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood observes that the bearish IEA forecast report on oil demand released on Tuesday considerably hit Brent and WTI.

Key quotes

"Cutting 2014 demand forecast growth by 250/- b/d to 650/- was more than expected but they also concurred with other forecasters that Opec September production was up 415/- b/d at 30.66m b/d."

"Nothing new here but as I have been saying for ages this will continue in the short term and the Saudis are rather enjoying it even though I don’t think it was a pre-ordained policy."

"As you know I don’t believe in the conspiracy theories about trying to force non-Opec crude off the market, it was tried before and didn’t work, but now a little sheikh of the tree, as it were isn’t so bad."

"We are through all support levels so it’s not worth trying to think about $80 or $75, let’s just see how it goes."

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