Quotes from Nordea Markets:
-Oil prices are again showing signs of establishing some support, this time around the USD 60 level. The Brent front contract has actually rebounded to around USD 62 this morning. Similar signs were seen at around USD 70, USD 80 and USD 85, but prices quickly started falling again.
-Also this time the momentum still continues to favour a further fall in prices, and the news flow supports lower prices as well. The Energy Minister of the United Arab Emirates has called for non-OPEC producers to cut production, which sounds a bit desperate, while the Saudi Oil Minister confirmed Saudi Arabia was not going to cut production.
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