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Commodities Briefing - Categorized | Oil, Price Watch more

Oil price flirts with $40 - but don’t expect it to go any higher

Posted on 08 April 2016

The oil price has dipped below $40 a barrel, reversing strong gains earlier in the week, as analysts warn the price of Brent crude will struggle to move higher as stockpiles begin to flood the market.
“Millions of barrels of extra oil” could enter the market in the coming weeks and scupper future price gains, according to analysts at Saxo Bank. Ole Hansen, head of strategy at Saxo, said that oil traders have been snapping up cheap crude and storing it while they wait for higher prices, when they will then cash in………………………………………..Full Article: Source


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