“Please do not panic, things will fix itself” says OPEC sec-gen Abdullah al-Badri, who is trying to calm markets after the big falls in oil. On a panel discussion today he said there is nothing for markets to fear and prices were not an issue.
As I type another minister from the UAE has said that there is no panic over prices also.
Brent is up over a buck so far today and Badri has helped that along. Earlier the Kuwaiti oil minister was warning that prices could fall further.
Dec futures are up to 85.31 and the highest in a week. There’s no meaningful resistance until around 87.00/20
Brent daily chart 10 11 2014
