Unusual volatility in crude oil prices – Deutsche Bank

By FXStreet FXStreet (Edinburgh) – Jim Reid, Analyst at Deutsche Bank, reviews the recent violent moves in both the WTI and Brent.

Key Quotes

“Speaking of turbulence, the sharp moves in Oil continue to grab much of the limelight and yesterday we saw WTI (-7.70%) and Brent (-8.48%) snap the biggest three-day rally in 25 years (falling a further 2% this morning) as the China data seemingly put a halt to the surge”.

“Today’s weekly US production numbers from the EIA is set to be a closely watched release while the fallout from the weakness in prices this year is no more evident than in Canada where the economy there officially entered a recession on the back of a second straight quarterly decline in GDP (Q2 -0.5%), although perhaps painting a glimmer of hope that the move might be short-lived with the reading surprising to the upside after expectations of a contraction of 1% last quarter”.
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Source:: FX Street