Oil’s almost 4% decline overnight – ANZ

Analysts at ANZ noted that overnight saw a decent pullback in oil prices, with near-dated WTI down 3.7% to USD37.10/bbl and prices for Brent down 2.2% (USD39.50).

Key Quotes:

“Higher US crude stockpiles, higher non-OPEC oil supply and Iran’s intention to return production (3.13 million bpd in February) to pre-sanction levels (4 million bpd) before considering a production freeze were all likely catalysts.

The broader CRB index fell 0.6%, with lower energy prices and falls for precious metals offsetting increases for soft commodities, industrial metals and grains. Gold prices eased by 0.7% to USD1241/oz, with the fall thought to be driven by a liquidation of long ETF positions.”

Analysts at ANZ noted that overnight saw a decent pullback in oil prices, with near-dated WTI down 3.7% to USD37.10/bbl and prices for Brent down 2.2% (USD39.50).

(Market News Provided by FXstreet)