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Oil price rally falls on Thursday on USD rise

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood notes that yesterday's rise in the greenback on positive US GDP data and Fed members' comments pushed oil price further down.

Key quotes

"With the price of Brent being about the same as the beginning of the week traders have reported that the market has felt a little better this week but…"

"Early estimates of October Opec production are coming in and if they are to be believed it was another big month."
"I have so far had a number of 30.9m b/d which would be a 14 month high and up on September’s figure."

"With Saudi output down slightly it means that everyone else is doing what comes naturally to them, ie belting out as much as possible before the Opec meeting."

"And the European Union, with much to play for have secured a deal for Russian gas through Ukraine for the winter, sanctions aren’t that important really…"

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