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October was a bad month for oil

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood points out that with considerable declines seen in the price of WTI as well as Brent oil, October was an unfavorable month for the market.

Key quotes

"Its all a bit scrappy in the oil markets at the moment, totally directionless and with a long three week haul to the Opec meeting and even then I suspect we will not get an equivocal agreement."

"Brent is holding above the key $85.50 level but ‘doesn’t look convincing’ according to traders who are seeing weakness in the Middle East light sour market as well as West African and Asia Pacific sweet grades as refiners cut orders on falling margins."

"Bad weather at Basra curtailed Iraqi exports for a day or so but all is now back to normal in the Gulf."

"October was a bad month for oil overall with WTI falling 12% and Brent 9%, the differential almost went to zero although predictably as ever it is now steady at around $5."

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