ING: Oil Inventory Decline Tightens Supply Outlook, Persian Gulf Flow Optimism Overstated
ING analysts Warren Patterson and Ewa Manthey say that oil is trading on overly optimistic expectations of resumed Persian Gulf flows, given stalled US-Iran talks and declining inventories that tighten the supply outlook.
USOIL
ING analysts Warren Patterson and Ewa Manthey note that oil prices are currently being supported by market expectations of resumed flows from the Persian Gulf. However, they view these expectations as overly optimistic, pointing to the stalled state of US-Iran negotiations. Meanwhile, declining inventories are further tightening the supply outlook, reinforcing a bullish bias.
Source: FXStreet Forex News