By Chris Becker
Oil prices fell swiftly on the surprise build up in US domestic fuel inventories as US stock earnings continue to disappoint, forcing the USD lower against the majors as fear starts to rise across risk markets. The Fed’s Biege book also put pause to inflationary concerns with internal consumer spending mixed across the US as eyes also turned to the French and British elections.
Yesterday in China, the Shanghai Composite sold off going into the close, down another 0.7% to 3170 after breaking through support at 3200 points yesterday. My call for a sharp retracement back down to previous support at 3100 is holding here:
