Technical & Fundamental Oil Reports Specialists

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More sanctions – in principle

Published Tuesday, April 15th, 2014

The news from the Ukraine is “very grave” according to the White House. EU foreign ministers agreed to expand sanctions against Russia in principle but only by adding more people to the list and extending visa bans. There is not as yet any of the threatened escalation to companies and industrial sectors.

Economic data news on the other hand is rather encouraging. US retail sales growth in March hit an 18-month high and Eurozone output rose by 0.2% pointing to a GDP growth rate of 0.4% with Germany, Portugal and Spain doing particularly well.

Stock markets made modest gains except for Russia (-2%), Brazil (-0.52%) and Japan (-0.32%). Oil contracts showed gains across the board. Brent, pushed and pulled by the possibility of increased Libyan exports, tensions in the Ukraine and speculation on VLCC loadings at Hound Point for Asia before jetty maintenance in May, closed $1.67/bbl higher at $109.07/bbl. WTI closed +31cts/bbl at $104.05/bbl.

To read the rest of the report, please click here 

Posted by David Hufton