Oil - ANZ price caution on potential for higher inventories
Oil prices have not had a good past few (trading) days, and down about 6% since the beginning of this year
ANZ are still cautious:
- "Traders continued to fret about rising U.S. supply and compliance by OPEC to agreed-upon production cuts"
- "With inventories at the highest seasonal level in three decades, another increase in this week's report could see prices come under further pressure"
(The U.S. Energy Information Administration (EIA) release their inventory report tomorrow morning US time. The private inventory report late Tuesday in the US saw a bigger than expected build)