The daily chart shows symmetrical triangle formation on the price chart and RSI. Thus, we wait for the breakout before calling a move.
Algeria meeting scheduled next week is unlikely to deliver bullish results for oil price. Moreover, it is a informal meeting and the noise ahead of the meeting reminds us of the pre Doha debacle noise.
Furthermore, increased oil supplies from Kashagan in Kazakhstan, Libya and Nigeria are seen destabilizing the oil market rebalancing.
Kashagan oil field – Its going to be a slow ramp up
There is no reason to fear about the Kashagan oil field. This is because it is going to be a slow ramp up of production.
Spencer Wallace, Oil Markets Director at IHS Markit, joined us on today’s London open Finance Show. He talked about the Kashagan project, threats to oil market rebalancing and Algeria meeting.
Check out the full video here - www.youtube.com/watch?v=5byovcWs...
Algeria meeting scheduled next week is unlikely to deliver bullish results for oil price. Moreover, it is a informal meeting and the noise ahead of the meeting reminds us of the pre Doha debacle noise.
Furthermore, increased oil supplies from Kashagan in Kazakhstan, Libya and Nigeria are seen destabilizing the oil market rebalancing.
Kashagan oil field – Its going to be a slow ramp up
There is no reason to fear about the Kashagan oil field. This is because it is going to be a slow ramp up of production.
Spencer Wallace, Oil Markets Director at IHS Markit, joined us on today’s London open Finance Show. He talked about the Kashagan project, threats to oil market rebalancing and Algeria meeting.
Check out the full video here - www.youtube.com/watch?v=5byovcWs...
