Commodities Analysis by Investing.com (Barani Krishnan) covering: US Dollar Index Futures, Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Abdulaziz bin Salman could deepen cuts or buy himself time by warning that he’s 'watching' the marketSaudi Energy Minister Abdulaziz bin Salman isn’t short of fans. One of them is Eric Nuttall, a Canadian who invests in
Even before the selloff, the minister told the Calgary event that Saudi production cuts were prompted by his doubts about the same oil demand Nuttall had been lecturing everyone on. Abdulaziz rattled off a list of uncertainties — from soft energy consumption in China, the world’s No. 1 crude importer, to the manufacturing slump in Europe and the inflation and rate hike concerns in North America and Europe — as reasons to be worried about oil demand.
Bulls will particularly appreciate any reassurance from the minister that he has their backs after this market carnage . Bears will cautiously be waiting as well for a counter strike from the prince, who besides the Swift avatar, has been likened to the oil market’s version of ‘Dirty Harry’ - the maverick cop in those Clint Eastwood films, who plays by his own rules with both criminals and his superiors).
The question is what will it take to restart the rally and bring crude back to $95 a barrel, to reposition the market for three-digit pricing. For a start, Abdulaziz could announce a new symbolic addition of 50,000 barrels per day. But given his perverse thrill for one-upmanship against the oil bears , he could make that 100,000-150,000 barrels more of voluntary Saudi reduction. That would give the Russians room to add a similar volume on their side .
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