News

Oil data indicated the 3rd consecutive week of US stocks drawdown. Add in these 2 other price-supports also.

Comments on oil via ANZ, pointing to expectations of stronger demand. 

ANZ reasoning this is due to accelerating vaccinations and easing travel restrictions. 

  • Recent traffic data suggests travellers are hitting the roads as restrictions ease. Traffic congestion in 15 European cities is at its highest since the pandemic began, according to TomTom data. The boost to demand is expected to be strong. 

And, on the supply side:

  • This is backed up by signs of tightness in the physical market. The Middle Eastern Dubai benchmark is trading at its steepest backwardation in almost a year. 

On oil inventories, we await official confirmation of the private survey drawdown:

Invest in yourself. See our forex education hub.

Articles You May Like

Singapore May NODX -0.1% m/m (vs. +4.7% expected)
👉Forex Trading Tutorial for Serious Forex Traders
Do you have the winning forex strategy?
🔴 Forex MA & RSI “1-Minute” SCALPING Strategy | SIMPLE and PROFITABLE Scalping Trading Strategy
WTI crude prices settle at the highest since 2018, just shy of $71 per barrel

Leave a Reply

Your email address will not be published. Required fields are marked *