Sentiment in the commodity market remains fragile amid rising geopolitical tensions as crude oil fell as the prospect of rising supply rattled sentiment, strategists at ANZ Bank apprise.
“Yesterday it emerged that Russia was determined to ease back on output cuts in July. Even though this complies with the supply agreement, it disappointed the market.”
“Some confidence in the supply agreement was strengthened after Russia’s President Putin and Saudi Arabia’s Crown Prince bin Salman reiterated their cooperation.”
“The market was reminded of the fragile nature of the recovery, with signs that gasoline demand in the US remains low. The US Memorial Day holiday usually marks the start of the peak demand season. However, early estimates suggest gasoline demand was down by nearly 30% from last year as people stay close to home.”
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“Yesterday it emerged that Russia was determined to ease back on output cuts in July. Even though this complies with the supply agreement, it disappointed the market.”
“Some confidence in the supply agreement was strengthened after Russia’s President Putin and Saudi Arabia’s Crown Prince bin Salman reiterated their cooperation.”
“The market was reminded of the fragile nature of the recovery, with signs that gasoline demand in the US remains low. The US Memorial Day holiday usually marks the start of the peak demand season. However, early estimates suggest gasoline demand was down by nearly 30% from last year as people stay close to home.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.