ANZ with a real quick summary of the push and pull on the oil price:
- Crude oil gave up early gains to end the session lower as the unemployment data failed to ease concerns about weaker demand in the US. High crude oil inventories in the US have weighed on sentiment. The hawkish commentary from Fed Chair Powell earlier this week added to these concerns. That’s despite inventory recording its first weekly fall after several weeks of gains.
- This dominant narrative is overshadowing signs of stronger demand in China.
