Comments from analysts at ANZ on oil:
- Crude oil ... sentiment is bolstered by rising consumption amid ongoing supply constraint
- Demand for transportation fuels continues to rise as restrictions from the recent surge in COVID-19 are wound back.
- In the US, diesel demand has risen to its highest level for this time of the year in at least three decades, while stockpiles on the US east coast are at their lowest level since April 2020
Over the weekend we had Iran news, which was a negative for the price (at the margin and far off in the distance IMO) but its hardly showing today.
Oil chart via our ForexLive free charts
