Oil price news: oil rises as shrinking U.S. stockpiles add to risk-on sentiment [BNN Bloomberg (Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
Company Research
Source: BNN Bloomberg
West Texas Intermediate edged higher to settle above $79, though the U.S. benchmark has been wedged between about $77 and $82 a barrel this month. U.S. oil inventories fell by 2.5 million barrels last week for the first back-to-back drop since March, taking nationwide holdings to the lowest in almost a month. More broadly, risk-on sentiment is bolstering markets as a measure of U.S. inflation cooled for the first time in six months, offering scope for looser monetary policy from the Federal Reserve. “Recent macro data from the U.S. has raised expectations that the Fed could start cutting rates soon, which will be providing some support to oil,” said Warren Patterson, head of commodities strategy for ING Groep NV. The market remains range-bound, and needs either clarity on OPEC+ policy or a fresh catalyst to break out, he said. Oil prices are still around 11 per cent higher this year as OPEC+ curtailed output to prevent a glut. In the run-up to a June 1 meeting where the group
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