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Oil price remains well below 80 USD per barrel level today - KBC

FXStreet (Barcelona) - The KBC Research Team notes that oil prices shrunk by additional 3% yesterday which led Brent to post yet-another four-year low.

Key Quotes

"The oil price remains well below 80 USD per barrel level today in early morning as – unlike the previous months – the December contract expired in a relatively strong contango."

"Regarding news, the International Energy Agency (IEA) said today that the decline in oil prices may continue due to slower economic growth in China on the one hand and rising oil supply on the other."

"The IEA even said that “it is increasingly clear that we have begun a new chapter in the history of the oil markets". On the other hand, the IEA warned that geopolitical risks remain elevated and could be even amplified by falling oil prices."

"Though the initial market reaction to the EIA report is rather small, it is clear that the report could only add to bearish sentiment that already prevails in the market."

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