Crude Oil Drops as Stronger Dollar Discourages Some Investors - Bloomberg:
Crude erased a morning rally as the strengthening greenback diminished the appeal of dollar-denominated commodities amid expectations of swelling supplies at a key U.S. storage complex.
Futures slid 0.2 percent in New York on Tuesday as the dollar advanced for a fourth session. An industry-funded tally of American crude inventories is expected to show that stockpiles towed at the Cushing, Oklahoma, pipeline nexus expanded for the first time in three months.
“Nobody wants to go home long” when forecasts are pointing to a bearish inventory report, said Bob Yawger, director of futures division at Mizuho Securities USA LLC.
No comments:
Post a Comment