Saudi energy minister Falih: Market conditions look better now then a few weeks ago

Author: Greg Michalowski | Category: News

Crude oil moving higher

Saudi energy minister Falih is on the wires saying:
  • we are confident OPEC+ cut deal are certain enough to bring market into balance unless something unexpected happened
  • market conditions look better now than few weeks ago
  • I would not rule out: for further OPEC+ action at some time
  • we have to give it time, oil demand is soft in Q1
  • Saudi Arabia will lead to bring the market into balance
  • we continue to discuss the nuclear 123 agreement with the US
  • we want the US to be part and parcel of the kingdom nuclear plants
  • US is key provider for nuclear technology
The price of crude oil has moved to new session lows on the back of the comments.

The front contract is currently trading at $52.53 up $2.75 or 5.42%.

Looking at the daily chart below, the price is moving up toward the December swing highs at $53.27 and $54.55. The 38.2% of the move down from the October high comes in at $55.55.  Those are the next targets on more upside momentum.

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