I expect to see some bargain hunting but I'm skeptical the rise (... by Daniel Ang

I expect to see some bargain hunting but I'm skeptical the rise (in oil prices) could continue.

Daniel Ang

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It comes more from the technical side of closing positions becaus... by Daniel Ang

It comes more from the technical side of closing positions because of the Brent expiry on Monday.

As much as we continue to believe that this is yet another meeting that would yield nothing, the markets remain wary of any sudden agreement that major oil producers could come to.

People are taking profits after a huge increase ... The other factor would come from still having the market being in a bearish situation where the market is oversupplied.

In Asian hours you are seeing some profit-taking ... but bullish sentiment is continuing, we expect economic data to further support this momentum.

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I don't think it'll be favorable for the markets. by Daniel Ang

I don't think it'll be favorable for the markets.

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Even if crude prices go up now, we could be seeing Iranian crude coming back to the market, pushing it down again. I think downward movement is more likely for the rest of this year.

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The market is catching up with decreasing U.S. crude production. U.S. crude production has resumed its downtrend.

Prices should remain low, we are still in oversupply. by Daniel Ang

Prices should remain low, we are still in oversupply.

U.S. crude oil production should continue on its decline with fal... by Daniel Ang

U.S. crude oil production should continue on its decline with falling rig counts.

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We believe that this could be the market's reaction to the decline in U.S. crude production (drilling) ... further exacerbated as Iranian crude could be entering the market, which puts heavy pressure on the global benchmark (Brent).

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There is definitely a lot of profit taking going on, there is some readjustment in the positions taken by traders.

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Considering China's economic slowdown, we lean towards lower pric... by Daniel Ang

Considering China's economic slowdown, we lean towards lower prices today.

Although the market should already have expected that the demand from China's (reserves) would not last forever, it is hard to predict when this time would come. So now that it has happened, the markets are just factoring this in.

Oil prices have dropped quite hard. Movements now are market driven - it's bargain hunting people are going in for.

When the strike's over the premium will drop down to about $4. by Daniel Ang

When the strike's over the premium will drop down to about $4.

Moving forward, EU and Germany economic sentiment survey, which is due to be released later (on Tuesday), may have a greater impact on oil prices.

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Oil-exporting countries such as Malaysia may have diminished government revenues from falling energy prices and this could exacerbate their debt issues, if prices do continue to fall and persist for a long time ... oil rig developments could be re-evaluated if the cost for extraction continues to exceed the cost per barrel.

It looks like investors favour support around $60 a barrel, but with U.S. production still strong, the bearish trend looks set to continue for now. I think it's just a matter of time before Brent breaks below $60 again.

It looks like investors favor support around $60 a barrel, but with U.S. production still strong, the bearish trend looks set to continue for now. I think it's just a matter of time before Brent breaks below $60 again.