3 Feb 2015
Oil continues its rally on speculation of production cut in US – DB
FXStreet (Barcelona) - Analysts at Deutsche Bank comment that speculation of a probable production cut in oil from US were responsible to oil’s yesterday’s price rise.
Key Quotes
“Both WTI (+2.76%) and Brent (+3.32%) firmed for the third consecutive day to $49.57/bbl and $54.75/bbl respectively lending support to energy stocks which finished 3% higher.”
“Both markets are up around 11% since Thursday’s close and back to levels we last saw nearly a month ago.”
“The gains appear to be a continuation of the rally we saw on Friday with expectations building that the US could be closer to cutting production following the latest rig count and also news that the United Steelworkers union strike had entered a second day.”
Key Quotes
“Both WTI (+2.76%) and Brent (+3.32%) firmed for the third consecutive day to $49.57/bbl and $54.75/bbl respectively lending support to energy stocks which finished 3% higher.”
“Both markets are up around 11% since Thursday’s close and back to levels we last saw nearly a month ago.”
“The gains appear to be a continuation of the rally we saw on Friday with expectations building that the US could be closer to cutting production following the latest rig count and also news that the United Steelworkers union strike had entered a second day.”