Such a significant oversupply as anticipated by the IEA would exert considerable pressure on oil prices, like in 2020, which would have a negative impact on oil production, Commerzbank's commodity analyst Carsten Fritsch notes.
The US Dollar bounced up from lows earlier on Friday, but upside attempts remain limited below the 98.00 level so far, which keeps price action trapped within the previous day’s range, and maintains the broader bearish trend intact.
US Dollar (USD) recovered some of yesterday’s loss, S&P 500 futures are down after the underlying index hit a record high yesterday, and Treasury yields are up slightly. Markets are digesting ECB guidance and US CPI data, BBH FX analysts report.