Dovish ECB Failed to Send Commodities Higher

While a dovish ECB helped send equities higher, commodity prices were pressured with crude oil resuming weakness on strong US dollar and OPEC’s downgrade of demand outlook. OPEC estimated that demand for its crude oil would drop to a 14-year low of 28.2M bpd, -0.6M bpd less than last year’s report and -0.8M bpd below the amount required this year, by the end of 2017.

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Dovish ECB Failed to Send Commodities Higher