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1 Jul 2014
Oil price assumes ‘risk-off’ approach
FXStreet (Barcelona) - Independent Analyst Malcolm Graham-Wood suggests that with Brent remaining close to $113 and WTI at $105.50, the oil price has adopted a ‘risk-off’ strategy at the moment.
Key quotes
"As we are at the last day of the month and the quarter it is interesting to note that the two markers are only up 3.5% and 3% on the month respectively."
"This is despite ISIS claiming that it has held Mosul and declared an Islamic State running from Syria through central Iraq."
"John Kerry met with King Abdullah and the Saudi King guaranteed adequate supplies of crude oil should it be needed."
"In other areas Libya is claiming to be ramping up production gradually with another port opening at the weekend, I would, as usual, treat this extra crude supply to the market with a degree of caution."
"Kurdistan is finding allies all over the place and not necessarily from where they would like as both Turkey and Israel have nailed their colours to the mast of Kurdish independence."
"For Turkey, who have been close to the KRG recently, this is an easy call as they have already helped the country with their energy export routes and the Kurds provide a useful buffer along the border with Iraq."
Key quotes
"As we are at the last day of the month and the quarter it is interesting to note that the two markers are only up 3.5% and 3% on the month respectively."
"This is despite ISIS claiming that it has held Mosul and declared an Islamic State running from Syria through central Iraq."
"John Kerry met with King Abdullah and the Saudi King guaranteed adequate supplies of crude oil should it be needed."
"In other areas Libya is claiming to be ramping up production gradually with another port opening at the weekend, I would, as usual, treat this extra crude supply to the market with a degree of caution."
"Kurdistan is finding allies all over the place and not necessarily from where they would like as both Turkey and Israel have nailed their colours to the mast of Kurdish independence."
"For Turkey, who have been close to the KRG recently, this is an easy call as they have already helped the country with their energy export routes and the Kurds provide a useful buffer along the border with Iraq."