Oil nears one-week low as Saudis hint at more supply

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Saudi Arabia’s oil minister said ‘maybe’ there is a need for more oil as he arrived to the OPEC meetings.

The Saudis already increased production but it’s unlikely that OPEC will hike the official quotas. In any case, oil is more concerned with slowing global growth and is near the Friday low of $82 after climbing as high as $86.50 today.

The bounce in oil has been miniscule relative to the drop from $110. There remains a large disconnect between oil and other risk assets (especially stocks) that must correct over the summer.

Update: Oil now below $82.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.


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Adam Button


  1. Woowwwww, Adam, spanish financial newspapers are openly talking about argentine 2001 -type capital controls in Europe if Greece leaves the EZ.. http://www.eleconomista.es/economia/noticias/4035070/06/12/La-UE-ha-estudiado-establecer-controles-de-capital-si-Grecia-deja-el-euro.html

  2. What could possibly go wrong?

  3. OK Adam, if I recall correctly you speak at least 3 languages, what does it say? Here is where I wish I was fluent in a couple languages.

  4. JazzDjay They are just quoting Reuters, Jamie posted the article 4 hours ago

  5. hi Adam. where is next support…75$?


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