Crude oil weaker despite ME tensions- ANZ

By FXStreet FXStreet (Guatemala) – Analysts at ANZ note the events overnight.

Key Quotes:

“European and US stocks had a better day following the more stable climate in Asia.

The USD continued to push higher.

Oil continued to slide as concerns about growing supply continued to outweigh the implications of rising tensions in the Middle East”

“Crude oil was weaker. Lingering concerns about growing supply continued to outweigh the implications of rising tensions in the Middle East. Focus returned to the US, where the market is worried about inventory data that will be released over the next two days. We are expecting a rise in crude oil inventories, which should put further downward pressure on prices. A stronger USD also weighed on the
sector”
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Source:: FX Street