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Oil takes another dive – Danske

FXStreet (Barcelona) - Research Analysts at Danske comment that Oil prices took another dive yesterday with Brent for January settlement falling almost 4% to below USD78 per barrel.

Key Quotes

“Oil is heading for one of its longest run of weekly declines on record, as the price has now fallen more than 30% since June.”

“The key theme remains OPEC’s reluctance to cut production and hence, the feed-through of increasing supply to prices.”

"The decline in the oil price, and not least the volatility of the decline, continues to impact financial markets. Both via the expected impact on inflation, and more visible on the commodity currencies. The RUB weakened further yesterday and has now lost 22% to the EUR and 30% to the USD this year."

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