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Oil slides again despite Canadian fires as Saudi appoints new minister

Discussion in 'Market News' started by Lily, May 9, 2016.

  1. Lily

    Lily Forum Member

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    Analysts say chances of a deal to cap output have receded

    Oil prices have lost their early gains, hindered by renewed strength in the US dollar.

    Brent had climbed as high as $46.48 a barrel in the wake of the continuing Canadian wildfire in the country’s oil sands region, which has hit more than a million barrels of daily production.

    [The Canadian wildfire] is obviously a temporary factor so it won’t have a long-lasting impact on prices. Both contracts eased off their highs by midday in London.

    [The departure of] Saudi’s Ali al-Naimi as head of the country’s oil ministry may be a reason why oil prices have failed to maintain their early advance. Al-Naimi’s successor, Khalid al-Falih, the former head of the state-owned Aramco, is largely expected to follow the strategy of protecting the nation’s market share. This has further reduced the likelihood of an oil-freeze deal with other large non-OPEC producers like Russia.

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