Significant drop seen the week the brent oil market, the exchange rate half year low of events. The round number, the $ 50 level is broken by fairly large, 4 $ fall unfolded, and the end of the day on Friday, again, retracted the exchange rate to the $ 50 level near.
The saudi oil minister’s statement that the production reduction agreement should be extended to the second semester, he started with some price increases, but this is soon exhausted, and the oil couldn’t break through the now withstand operating at 47 USD per barrel level.
COT reports: “The April 26.- may 2. weeks involving COT-report data on the basis of the test funds, a further reduction in long positions (the test commodity futures products based on turnover) – stands out in the oil-long stock of a 20% fall. The oil-long cut on the before the oil last Thursday, down 47 USD/barrel level of support. It is expected to decline further and the long/short ratio, but it should also stabilising the market.”