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Blog

Podcast: Oil Market Fundamentals Still Strong

Michael Knox

It is currency, not fundamentals, which have caused the oil price to correct.

"We've got an oil market which is very strong in fundamentals in terms of strong consumption and declining stocks. Both stocks of refined product and refinery intake crude oil are low relative to consumption. The price has been driven down by the very strength of the US dollar.

This correction in oil will come to an end when the rise in the US dollar comes to an end and the sell off of the Euro comes to an end. We are close to that time but we are not at that time yet."

I discussed this in my latest presentation to the network.

Listen to the podcast

More information

View more of my analysis by clicking on 'economic strategy' in the popular topics list to the right of this page, or listen to my full playlist of podcasts on SoundCloud. Alternatively, contact your Morgans adviser or nearest Morgans branch.

Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents ("Morgans") do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.