Free Trial

A Little Shy Of Thursday's Cycle Highs

OIL

WTI & Brent last print ~$0.10 above their respective settlement levels, with the early Asia bid fading.

  • A softer USD and wider sense of the need to embed a deeper geopolitical risk premium (centred on the Middle East) into crude prices allowed the major benchmarks to extend to fresh cycle highs on Thursday, before backing off from best levels. Still, the supportive factors allowed both WTI & Brent to settle over $1.00 higher on the day, as traders put the sizable crude, gasoline and distillate builds witnessed in Wednesday's weekly DoE inventory data behind them.
  • OPEC+ production matters and COVID-19 vaccine developments are set to be the major driving forces for crude in the coming months.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.