Kim Cramer Larsson
Join Kim Cramer-Larsson, technical analyst at Saxo Bank, for the latest developments from a chart perspective as we head toward the US presidential election day of November 8.
Squawk / 11 August 2016 at 13:45 GMT
Head of Commodity Strategy / Saxo Bank
Oil is bouncing following comments from the Saudi oil minister that it will act with Opec and non-Opec members if necessary to rebalance the market. The meeting in Algeria next month will discuss the market situation, including any possible action that may be required to stabilise the market.
This tactic has been used successfully before, most recently ahead of the Doha meeting in April. Since then, Saudi Arabia, Iran and other Gulf states have all continued to increase production.
Back in April Opec members, forced by the Saudis, went for no change in the belief that the rally from $30 to $43 was just the beginning. Now that we have come down from $53 to $44.5 currently and frustrations about the slow progress towards rebalancing have begun to be felt and heard once again.


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