30 Mar 2016
Oil: WTI marks fifth consecutive daily decline – Deutsche Bank
Research Team at Deutsche Bank, notes that the WTI closed down - 2.82% yesterday and a shade above $38/bbl for its fifth consecutive daily decline.
Key Quotes
“In fact prices are now $4 lower than the intraday highs of less than two weeks ago with much of this being attributed to the rising skepticism building for hopes of any material outcome from the upcoming April 17th meeting between major producers in Doha. The latest dent yesterday came out of Kuwait with the acting oil minister announcing that production is to restart in the Kharfi oil field, a 300k barrel-a-day joint operation by state owned Kuwait and Saudi Arabian oil producers which had been closed since October 2014.
Oil had been rallying on hopes that the upcoming Doha meeting may bring about a production freeze but questions are being asked about the seriousness of such an outcome in light of news such as this.”
Key Quotes
“In fact prices are now $4 lower than the intraday highs of less than two weeks ago with much of this being attributed to the rising skepticism building for hopes of any material outcome from the upcoming April 17th meeting between major producers in Doha. The latest dent yesterday came out of Kuwait with the acting oil minister announcing that production is to restart in the Kharfi oil field, a 300k barrel-a-day joint operation by state owned Kuwait and Saudi Arabian oil producers which had been closed since October 2014.
Oil had been rallying on hopes that the upcoming Doha meeting may bring about a production freeze but questions are being asked about the seriousness of such an outcome in light of news such as this.”