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Oil price takes flight again

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood remarks that poor economic data from China and the EU weighed on oil on Tuesday.

Key quotes

"After the news that I discussed yesterday regarding the Saudi pricing formula the market tested new lows and following indifferent economic stats from China and worse from the EU oil has taken flight again, testing new lows and more importantly key support this morning."

"As I write, Brent is at $82.04, below the 50% retracement from the 5 year high and closing below this level would alarm chartists."

"Even a moderately good set of inventory stats from the API last night showing a fall in stocks of 639/- barrels versus expectations of a 2.2m draw couldn’t help."

"Saudi Oil Minister Ali-al-Naimi is off the Venezuela and Mexico for a pre-Opec chat, not sure he will get much of a welcome."

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