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4 Dec 2014
Saudis see oil stabilizing around $60 – Malcolm Graham-Wood
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood notes it has been widely reported that Saudis feel Oil to stabilise around $60, adding further that even the 200 day moving average price is around similar levels.
Key Quotes
“Whilst on the subject of Opec, it is widely reported that the Saudis feel that oil prices could stabilise at around $60, interestingly the 200 day moving average price is $60.34… The next stop on the charts on the way down after that is $41.37 so I hope they are right.”
“Certainly, whilst following recent short covering the oil price has stayed at around $70 there is no reason to believe that it wont fall further, there will be some bad days in the next few months, exemplified by the US domestic production going over 9m b/d.”
“Saudi Arabia has announced this morning that it has cut prices for clients in the US and Asia for January liftings.”
Key Quotes
“Whilst on the subject of Opec, it is widely reported that the Saudis feel that oil prices could stabilise at around $60, interestingly the 200 day moving average price is $60.34… The next stop on the charts on the way down after that is $41.37 so I hope they are right.”
“Certainly, whilst following recent short covering the oil price has stayed at around $70 there is no reason to believe that it wont fall further, there will be some bad days in the next few months, exemplified by the US domestic production going over 9m b/d.”
“Saudi Arabia has announced this morning that it has cut prices for clients in the US and Asia for January liftings.”