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.
Key Quotes:
"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."
