Oil Falls

Oil prices have fallen after stocks have been reported to be at their highest levels in 20 months and imports are up. This is above analyst predictions. This year to date, oil futures have gained, mostly due to geopolitical tensions involving Iran sanctions. Supply was also disrupted last year during the Libyan civil war.

In addition, talks have been underway regarding the release of strategic oil reserves into the market by the U.S., U.K., and France. Such a release could happen within a few weeks, and would be intended to help prevent high fuel prices from being a drag on economic growth. Fuel prices have become election issues in both the U.S. and France.

Sources: Bloomberg & Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.