-
The Commodities Feed: What goes up, must come down
Oil prices sold off aggressively yesterday. ICE Brent settled almost 3.4% lower on the day to leave it at US$83.44/bbl. The risk premium in the oil market continues to erode as geopolitical tension in the Middle East eases. However, this is a factor that could return to the market, so is not something that should be fully discounted. In addition, bearish inventory data from the Energy Information Administration (EIA) put further pressure on the market. Yesterday’s weekly report was bearish. US commercial crude oil inventories increased by 7.27m barrels over the last week. Total crude oil inventories stand at almost ... (full story)