A closer look at crude oil, silver and copper
Head of Commodity Strategy
Summary: Chart focus on WTI crude oil, silver and copper
A day after Iran’s foreign minister Javad Zarif struck a conciliatory tone in an interview with NBC News, Mike Pompeo said that Iran had signaled an openness to talk. While later toned down by Iran, it was Trump’s threat to impose additional tariffs on Chinese imports which did most of the price damage. The risk of additional obstacles to global growth returned the focus to worries about demand.
Later today at 14:30 GMT the EIA will release its Weekly Petroleum Status Report and if data from the American Petroleum Institute are repeated, we could see a significant jump in distillate stocks and a small reduction in crude oil stocks.