We've seen a retreat for oil prices in the wake of rising output data 2 May
- OPEC supply at 32.64m bpd in April vs 32.47m prev
- Iran up to 3.04m bpd
- Russia +7% to 3.117m bpd
Adam had the story on Friday here but the market seemed disinclined to react. A new day, week and month has traders and treasurers having another look.
Brent has been down to $46.65 from $47.50 late Friday while WTI has posted $45.43 from $45.96
USDCAD using the drop to nullify the general US$ sales to post 1.2560 from 1.2530 assisted by CADJPY selling too which is putting the brakes on drops below 1.2500