Crude Oil Rallies Following Robust Inventory Draw

European yields edged higher as Bund and Gilt futures tried to climb, but quickly fell back into negative territory, as stock markets picked up and the U.K. services PMI came in higher than expected. The Eurozone services PMI meanwhile was revised slightly down, but remained up over the month, with data confirming the ongoing recovery. Bund futures are outperforming, as the DAX remains stuck in negative territory, against broad gains on most other European stock markets. The 10-year Bund yield is up 0.7 basis points at 0.26% and the Gilt yield up 2.6 basis points at 1.99%. The German 5-year auction was undersubscribed, but yields were unchanged from the last auction. Eurozone spreads are mostly little changed. Oil prices are higher with WTI trading at USD 51.59 per barrel.

 

Continue reading: https://www.iforex.com/news/crude-oil-rallies-following-robust-inventory-draw-27589

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