Daniel Brødsgaard, analyst at Danske Bank, notes that the oil prices has stabilised somewhat after sources said that US crude oil inventories (to be disclosed today) will show a drop of some 4.2m barrels compared to a median estimated forecast of +3m barrels.
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Also, Russia saying that it follows a previous agreement with OPEC to lower production by having cut production by 140,000 barrels per day since December. Markets seem to put great emphasis on the fundamental ongoing supply constraints following in part the Venezuelan crisis. Oil prices were down 3% in Monday’s trading session following Trump’s comments that ‘oil prices are getting too high’ and that ‘OPEC should relax’.”
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