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23 Jan 2015
No expectations of any significant oil policy change – Malcolm Graham-Wood
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood views that the change in power post Saudi King’s demise doesn’t signal towards any possible changes in oil policy from Saudi Arabia.
Key Quotes
“The death of King Abdullah of Saudi Arabia was announced this morning at the age of 90, his successor is King Salman and his successor has already been announced as Prince Muqrin. I do not expect to see any significant change in oil policy from Saudi Arabia as a result of this and although the oil price has risen this morning it is only a token increase, probably seeing one or two bears closing out positions.”
“The teenage scribblers on the Strasa got the inventory number well wrong again last night, coming in at a huge build of 10.07m barrels against the guess of 2.7m. With oil stocks at historic highs something is going to go pop sometime, maybe soon… Lets see what the rig count is later today.”
Key Quotes
“The death of King Abdullah of Saudi Arabia was announced this morning at the age of 90, his successor is King Salman and his successor has already been announced as Prince Muqrin. I do not expect to see any significant change in oil policy from Saudi Arabia as a result of this and although the oil price has risen this morning it is only a token increase, probably seeing one or two bears closing out positions.”
“The teenage scribblers on the Strasa got the inventory number well wrong again last night, coming in at a huge build of 10.07m barrels against the guess of 2.7m. With oil stocks at historic highs something is going to go pop sometime, maybe soon… Lets see what the rig count is later today.”