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Crude prices are back at their lows – Malcolm Grahan-Wood

FXStreet (Barcelona) - Independent Analyst, Malcolm Grahan-Wood comments that Crude prices are back at their lows after various comments and actions yesterday.

Key Quotes

“Iraq followed Saudi Arabia’s move on pricing by cutting prices to US customers whilst holding them or increasing to European and Asian buyers, this should come as no surprise.”

“Meanwhile the Opec Secretary General called for calm in global oil markets and the Kuwaiti oil Minister said that he thought that he ‘didn’t think that there would be any cut in Opec production’ at the upcoming meeting. In a way he is right as unless the cartel is able to stand firm and defend a much higher price there is no advantage in just giving away market share.”

AUD/USD regains 0.8600 but lacks momentum

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