Faced with a relief bounce after a torrid week of losses, the oil complex enjoyed a Friday that clawed back some of the worst excesses of the sell off, leaving the big ticket numbers of $80 in Brent and $75 in WTI intact.
The latest round of central banks meetings was deemed sanguine and encouraging. Interest rates in major economic hubs, the US, the UK, and the euro zone, were left untouched and some central banks, notably in emerging markets, the likes of Brazil and Poland, went as far as to cut the price of lending.
Ordinarily, the API data on Tuesday evenings is viewed as a signpost to the much more important and watched EIA/DOE inventory report that graces our screens on Wednesdays.
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