Oil market picks up amid lack of other significant economic news

FXStreet (Barcelona) - Independent Analyst Malcolm Graham-Wood suggests that things are beginning to heat up in the oil market and whilst it is a desert for most economic news this week the oil market has picked up on the Chinese export stats which beat the whisper.

Key quotes

“I would note that as previously mentioned, import data is telling me that the country is still buying for stock or some strategic reason.”
“Should this continue during the summer as I mentioned yesterday, Opec has little spare capacity without help from Libya and Iran to name but two.”