Home Oil: Trading heavy – Danske Bank
FXStreet News

Oil: Trading heavy – Danske Bank

Kristoffer Kjær Lomholt, senior analyst at Danske Bank, suggests that while posting a small rebound this morning oil has traded heavy over the last sessions with Brent crude now back below USD64/bbl.

Key Quotes

“Yesterday, inventory data from the US Energy Information Administration (EIA) showed an unexpected large build in inventories of gasoline and distillate fuels of 9.25 m/bbl. As we are in the middle of the driving season, the inventory figures have contributed to the bearish oil momentum initiated Tuesday when Secretary of State Mike Pompeo raised the possibility of easing Iran sanctions.”

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.