Malcolm Graham-Wood
Independent Analyst
So, this afternoon the Fed will announce, arise US interest rates and likely signal further strength in the greenback, not the best news for dollar traded commodities such as crude oil. Yesterday, as can be seen above, oil rallied only to be kicked back down after hours by the API inventory report and the IAEA statement. The API announced that contrary to analysts forecasts of a draw of 1.4m barrels the actualité was a build of 2.3m including a build at Cushing, the EIA tonight may be interesting reading. The IAEA board announced that it was closing down its enquiry into the Iran nuclear bombs situation bringing nearer the day when specific measures can be implemented and we all know what that means…
Elsewhere, Congress brought nearer the day when the US is allowed to export crude oil as part of the Republican spending and tax legislation, in order to avert a Government shutdown. For a great account of this and the Fed moves later its worth Reading Marcus ‘the guru’ Ashworth if you can. Finally Saudi Arabia announced that it was forming the Muslim Antiterror Coalition of 34 nations, not at the moment including Iran or Iraq…
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