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Crude oil down on geopolitical developments

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood points out that the price of crude oil is sliding a bit on Monday, following the rally seen at the end of last week.

Key quotes

"Brent, having been as high as $106.85 on Friday has opened this morning at $104.91 for a number of reasons."

"Friday saw some backing off by Putin as some troops were withdrawn from the Ukraine border and in Kurdistan there has been albeit modest progress in fortifying Erbil."

"Also this morning has seen another ceasefire in Gaza with talks due to start again today."

"Fundamentals are still slightly negative for the oil price though, Opec production in July maintained supplies and even Saudi Arabia raised production slightly to keep targets met."

"Opec has cut its global demand for this year and next by a small amount and although 2H 2014 is likely to be quite tight it still has global GDP growth forecasts intact at the moment…"

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