Short term
Trade view / 04 November 2016 at 12:29 GMT

UPDATE: Brent ready to bounce? – #SaxoStrats

Head of Commodity Strategy / Saxo Bank
Denmark
Price target:
Market price:
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Crude oil remain under pressure and following an initial bounce the price has now moved below $45.90 thereby triggering our tight stop on our countertrend idea from Wednesday of this week. Brent crude oil spreads continue to move deeper into contango, a sign of rising supply. 
Failure to close above $46.18 today carries the risk of continued technical selling and long liquidation next week.

Meanwhile, it is now being reported that Saudi Arabia threatened to raise oil output steeply at a meeting last week after Iran refused to cap its output below 4 miliion barrels per day.


— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
2y
AlexF AlexF
Got caught as well, middle eastern are very stubborn and proud willing to loose money and keep their pride
2y
AlexF AlexF
Back upagain any clue on what is making it move or overall market positive
2y
Ole Hansen Ole Hansen
OPEC SecGen Barkindo friday: SaudiArabia did not threaten to raise oil output last week in Vienna
2y
AlexF AlexF
: )

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