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Buyers holding off buying to buy cheaper crude later – Malcolm Graham-Wood

FXStreet (Barcelona) - Independent Analyst, Malcolm Grahan-Wood, cites the traders view of genuine buyers holding off safe in the knowledge to resume buying at cheaper prices.

Key Quotes

“With less than two weeks to go before the Opec meeting there is nothing that can hold the price, nor any reason why it would, my traders are telling me that genuine buyers are holding off safe in the knowledge that they can buy cheaper later which is fine but does store up a certain amount of buying at some stage.”

“Brent expired yesterday which makes the new contract a touch more interesting but so far no buyers for January.The Iraqi Finance Minister has announced that a deal has been agreed with Kurdistan over oil exports and Civil Service payments which should further eases tensions between Baghdad and Erbil something that was evident in the Genel presentation in London yesterday.”

“The EIA inventory stats, like the API numbers actually provided some modest good news with stocks actually drawing 1.74m barrels against forecasts of an 800/- build but the market didn’t want to know.”

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