Fears of a hawkish Fed returned to the fore on Friday after the personal consumption expenditures price index, shot up 0.6% last month after gaining 0.2% in December.Adding to the downside pressure, U.S. crude oil inventories surged to the highest level since May 2021 last week, data from the Energy Information Administration showed.
"The EIA data continue to raise more questions instead of providing clarity on markets," analysts at the consultancy Energy Aspects said in a note, referring to the steep supply adjustment in the data that contributed to the build.from its western ports by up to 25% in March versus February, exceeding its previously announced production cuts of 5% of its output during the month.
Oil prices have fallen by about a sixth in the year since Feb. 24, 2022, when Russian troops first marched into Ukraine.
If Russia says they're cutting supply, and oil price rises only a nickel, is this giving Putin any new information? Essentially, at this point, the world has factored out the ***entire*** Russian supply. Putin remains a brilliant strategist.
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