There is definitely a lot of profit taking going on, there is some readjustment in the positions taken by traders. Daniel Ang More Quotes by Daniel Ang More Quotes From Daniel Ang It comes more from the technical side of closing positions because of the Brent expiry on Monday. Daniel Ang company-news 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. Daniel Ang energy 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. Daniel Ang company-news In Asian hours you are seeing some profit-taking ... but bullish sentiment is continuing, we expect economic data to further support this momentum. Daniel Ang most-read-articles I expect to see some bargain hunting but I'm skeptical the rise (in oil prices) could continue. Daniel Ang most-read-articles I don't think it'll be favorable for the markets. Daniel Ang most-read-articles 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. Daniel Ang most-read-articles The market is catching up with decreasing U.S. crude production. U.S. crude production has resumed its downtrend. Daniel Ang business Prices should remain low, we are still in oversupply. Daniel Ang energy U.S. crude oil production should continue on its decline with falling rig counts. Daniel Ang most-read-articles 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). Daniel Ang most-read-articles Considering China's economic slowdown, we lean towards lower prices today. Daniel Ang energy 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. Daniel Ang company-news Oil prices have dropped quite hard. Movements now are market driven - it's bargain hunting people are going in for. Daniel Ang business When the strike's over the premium will drop down to about $4. Daniel Ang business 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. Daniel Ang most-read-articles 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. Daniel Ang energy 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. Daniel Ang energy 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. Daniel Ang business
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