Saudi oil minister replaced

I don't know about oil futures but the Saudi and Dubai stockmarkets were slightly up today, with little volatility. The news had not much of an impact on the markets so far it seems.
 
Visaria said:
Will have a big impact on prices tonight.
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Saoudi Arabia confirmed today that they wil continue the same policy. Nothing will change.
New minister said:"We are committed to meet the current and additional demand of our global customers, whose number continues to increase, by using our capacity."

In short : they will try to attrackt new clients with good prices.

Supply is mucher bigger than demand, and producers need desperate money as their income crashed and was the major source of income for them.
As long as speculators stay off the market prices are under pressure. In past up to 90% of traded volume was speculation.
 
personally i think the brent crude will tank and CL will follow (however the Canadian wildfire situation will keep CL prices from dropping as much as brent). Probably a good spread trade there somewhere.
 
Visaria said:
lol, big move then...but up not down.
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Thursday CL jumped up to 46 and went then straight to 44...
We will see, lots of manipulation as many countries would like oil to go up. Vladimir tries all the time but not successful till now. Costs him billions.
 
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