Fears of recession joins successive addition in the US inventories, Biden’s push for SPR to weigh on prices.Softer US Dollar, China-linked optimism puts a floor under the prices.
benefit from the softer US Dollar amid sluggish trading hours. However, economic fears and growing concerns over inventory build, as well as higher supplies, seem to probe the Oil buyers of late. remains pressured after the January activity data suggests the contraction despite being in contraction region. January’s US S&P Global Composite PMI for increased to 46.6 from 45.0 prior and the 44.7 consensus, marking the seventh consecutive read below 50.
It should be noted that the US activity numbers weren’t the only one which were softer, the figures from Germany also couldn’t impress the oil buyers.
Source: News Formal (newsformal.com)
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