Commodities: Oil Solid on Supply Disruption Concerns - ANZ
Analysts at ANZ noted that commodities were weaker across the board as the stronger USD weighed on investor sentiment.
"Gold prices took the brunt of the selling, as investors look to lock in profits after this year’s strong rally. Another strong rise in holdings in ETFs earlier this week (now at 1827.3 tonnes) is likely to reverse as investors contemplate another rate hike in the US as early as next month.
Rising inventories added to the pressure from the stronger USD in the iron ore market. Port inventories rose 189kt to just over 100mt. Oil prices held up relatively well as worries about supply disruptions limited the sell-off."