ANZ’s Hynes Says Oil dropped alongside other financial assets and commodities as crude’s sizzling rally ran out of steam after hitting a seven-year high. Futures in New York slumped more than 3% before paring some losses to trade near $84 a barrel following a decline in stocks and raw materials including copper. Adding to bearish sentiment was U.S. government data pointing to the first gain in crude inventories in eight weeks and comments from the White House that it can work to accelerate the release of strategic oil reserves . “We’ve been seeing some good gains this week, it’s not surprising we are seeing a bit of a pullback,” said Daniel Hynes, senior commodities strategist for Australia & New Zealand Banking Group Ltd. “The outlook is still pretty bright, however, nothing has fundamentally changed.” The International Energy Agency this week said that the […]