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The Commodities Feed: OPEC+ noise begins
The upward move in oil prices seen at the end of last week and at the start of this week has run out of momentum with ICE Brent falling more than 2.3% yesterday. This is the largest daily decline since the first week of this year. There is little in the way of clear fundamental drivers behind the recent weakness. Overnight, the API released US inventory numbers, which showed that US crude oil inventories increased by 3.38MMbbls over the last week. Market expectations were for an increase of around 1.5MMbbls. Cushing crude oil stocks also saw further increases over the week, growing by 3.9MMbbls. The increase in ... (full story)
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- Posted: Jan 24, 2023 11:30pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 59
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