| Saudi Arabia demonstrated its ability to move oil markets last week with Brent crossing $50 following comments by Oil Minister Khalid Al-Falih that the kingdom was "ready to take action", said a leading analyst.
Following the Brexit vote on June 23, oil dropped more than 20 per cent, thereby moving into a technical bear market. Within the past few weeks, however, a 22 per cent rally has taken it straight back into bullish territory, said Ole Hansen, head of commodity strategy at Saxo Bank, in a commentary...............................................Full Article: Source
|