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Oil price continues to drift – Malcom Graham-Wood

FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood comments on the oil price continuing to drift with very little support.

Key Quotes

“Brent December is close to expiry and the API inventory stats last night were better than expected, indeed the analysts got the sign wrong as there was actually a draw of 1.5m barrels against a forecast 800/- build.”

“Ali-al-Naimi, the Saudi Oil Minister spoke yesterday and the market listened carefully to his words and then did nothing. He said that Saudi Arabia was ‘working with other producers to ensure price stability for the interests of producers, consumers and industry at large’ but then went on to say that they could not and never had been able to set prices, so that’s all that then…”

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