23 Jun 2014
Oil price unchanged amid escalating conflict in Iraq
FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood comments on the recent developments in Iraq where over the weekend insurgents took control of towns and airports.
Key quotes
"Oilfields and pipelines in the south are, as yet, untouched but many workers are being repatriated."
"On the actual oil price front nothing much has changed, we are at or just below recent highs that are still well below what might happen should the worst occur."
"Rather then that the market still looks at fundamentals and economic statistics for guidance. "
"At the end of last week both the US and China provided modest reasons to cheer, in the former, jobless claims fell, manufacturing expanded and leading indicators improved while in the latter factory data was good as orders surged."
"WTI rose on Friday as the July contract expired and Brent fell as Libya announced a very small increase in exports to 270/- b/d, this morning both markers are a touch higher."
Key quotes
"Oilfields and pipelines in the south are, as yet, untouched but many workers are being repatriated."
"On the actual oil price front nothing much has changed, we are at or just below recent highs that are still well below what might happen should the worst occur."
"Rather then that the market still looks at fundamentals and economic statistics for guidance. "
"At the end of last week both the US and China provided modest reasons to cheer, in the former, jobless claims fell, manufacturing expanded and leading indicators improved while in the latter factory data was good as orders surged."
"WTI rose on Friday as the July contract expired and Brent fell as Libya announced a very small increase in exports to 270/- b/d, this morning both markers are a touch higher."