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Oil price retreating after Wednesday rally

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood observes that the small rally in oil price seen on Wednesday is reversing today, already falling by 50 in early Europe.

Key quotes

"The EIA stats gave some hope as like the API numbers, analysts were wrong-footed and the forecast draw of 2m barrels turned into a build of 1.4m barrels."

"Economic data in the Eurozone is poor this morning with the German economy contracting and France stagnating, not good for oil demand."

"Internationally there is even more crude around to compete with Brent as in Libya the Ras Lanuf terminal re-opened after a year out of action and this morning a 670/- barrel tanker has sailed."

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