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Oil rises sharply after week long debacle - Malcolm Graham-Wood

FXStreet (Barcelona) - Independent Analyst, Malcolm Grahan-Wood comments that the oil price has actually behaved quite well after having bounced off those inconvenient key support levels, especially after the Chinese economic data was pretty poor over the weekend.

Key Quotes

“The one piece of Chinese data I did like was the crude oil import stats which vindicated my view that the country would not be able to resist buying cheap crude for their strategic stockpile, imports were up 18% in October far more than they need for day to day usage.”

“The oil price has risen quite sharply this morning, as I write Brent is $84.72, well over a dollar up on Friday’s close.”

“I put this down to a combination of factors, firstly Libya is not going according to plan with both the El Feel and El Sharara fields down as well as Hariga Port being blocked at the moment.”

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