The Oil markets continue to feel the pressure from prospect of rising US output, says an expert.
“Figures from the EIA on Thursday that indicated an unexpected fall in US crude stockpiles did provide relief and gains for oil. However, traders remain concerned by the US’s rising exports, which far outweigh oil imports which if unchecked, could still have the power to disrupt OPEC and Russia’s production cuts,” Mihir Kapadia – CEO and Founder of Sun Global Investments, said.
“The markets are mixed as the week comes to a close. Comments from a Fed Reserve official revived the prospect of faster or greater interest rate rises than was previously. This had negatively affected the US stock market on Wednesday but they recovered on Thursday. The US turnaround buoyed Asian stock markets today. European markets meanwhile have struggled despite analyst expectations of gains – the rise in French and German stocks have been undermined by a dip in Spanish and UK stocks.”
