S&P cuts Shell’s ratings – ANZ
By FXStreet FXStreet (Guatemala) – Analysts at ANZ noted the events in the oil price overnight.
Key Quotes:
“Crude oil prices fell sharply. The oil price rally faltered on signs of slowing industrial activity in the world’s biggest energy consumer.”
“China’s purchasing managers index dropped in January to a three-year low.”
“Rising supply also suggests further downside risk to short-term prices.”
“Output from OPEC rose to 33.1m bbl/day last month as Indonesia’s membership to the group was reactivated. On the corporate side, credit rating agency S&P has cut ratings for oil majors like Shell and five others.”
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Source:: FX Street
