Oil continues to selloff after posting the monthly high last week of around $83.53 when looking at the continuous futures chart (CL1!) as a relatively stronger dollar and global demand concerns weigh on the energy commodity.
The calm witnessed in the banking sector has allowed major central banks to refocus their attention on driving down core inflation as a number of sticky prints for March necessitated an upward shift in rate expectations. Tighter financial conditions and tighter credit conditions – highlighted in the Fed’s Beige Book report yesterday – add to global growth concerns ahead of next week’s Q1 US GDP print.
