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Alternative Market Briefing

The Big Picture: Oil prices could remain steady after all

Thursday, July 03, 2014

David Donora
Benedicte Gravrand, Opalesque Geneva:

According to financial blog The Short Side of Long, commodities in general did well in the first quarter of 2014 mainly thanks to Agriculture and Gold. Industrial commodities such as Crude Oil, Heating Oil, Copper, Aluminum did not do as well as expected, however. Recent breakdown in Copper and the weakness in Brent Crude could spell more trouble for this area.

There is indeed potential trouble in the energy market but prices don’t reflect much worrying from investors. There are possible supply disruptions from Iraq, although for now, according to Reuters, heavy fighting between government-led forces and Sunni militants in the north of Iraq has spared refineries in the south, which process a big chunk of the OPEC member's oil exports. Brent and U.S. crude reached an 18-day low on Monday ($112 a barrel and $105 a barrel respectively) as investors grew less concerned about supply disruptions. And a Saudi oil official apparently stated that the world's largest oil producer would increase supplies if there was a disruption due to crises in Iraq or Syria. Meanwhile in Libya, rebels reached a deal to reopen two terminals that handle a......................

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