ING’s Warren Patterson and Ewa Manthey note that Oil prices sold off heavily despite evidence of tightening US fundamentals.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $103.20 during the Asian trading hours on Wednesday. The WTI price trades with mild losses as traders weigh mixed signals from US President Donald Trump on whether the United States (US) will resume the Iran war.
Barbara Lambrecht and Volkmar Baur at Commerzbank highlight diverging trends in Chinese metals. Aluminium output hit a record daily rate in April, driven by strong margins and breaching the official annual cap, yet domestic inventories have doubled to a six‑year high as demand lags.