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Oil price dropping on significant supply

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood points out that the price of oil continues falling on despite the escalation of geopolitical tensions, as crude supply remains significant.

Key quotes

"In that respect there are some slight signs of light in the situation in Iraq with the humanitarian position not quite as bad as first thought but also as Maliki appears to be going quietly."

"For Kurdistan the new Premier can only be a good thing as brusque treatment from Baghdad might now be a thing of the past."

"It is interesting to note that senior figures in Turkey are calling on the US to ‘remove challenges to Kurdish oil sales’ which makes sense and after years of having its budgets withheld the KRG looks like it may be getting some protection."

"Also on the supply side Libyan officials have announced that the Es Sider facility is to resume exports ‘within a couple of days’ which will substantially boost the amount of quality crude available in the Atlantic, not good for Brent."

"I said in answer to a question about the oil price chart being in a delicate position that the downside was the biggest risk, I remain sure that that is still the case."

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