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Any Brent strength is mainly bear closing

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood reminds that after rallying on Friday Brent crude dropped below $102 last night and then on Monday ticked up to $102.46 but suggests that any strength is mainly bear closing.

Key quotes

"The oil price is without doubt under pressure indicated by the Brent contango and by fairly random movements dictated by news such as the Ukraine attack on a Russian convoy on Friday night."

"Libya is without doubt increasing exports quite sharply adding to the Atlantic glut whilst Opec is well over 30m b/d."

"Sometimes differing organisations produce different statistics based on their own predilections, recently the UK’s OBR said that there was £62bn of oil revenues due from the North Sea by 2041 but the report out today by N-56, a pro-yes vote business organisation has come up with a number of £365bn, and the moon is made out of green cheese…"

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