© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: POWELL-NON-HOUSING SERVICES INFLATION SHOWS PERSISTENCE

MNI: FED'S POWELL-TIGHTER CREDIT MEANS RATES MAY NOT NEED TO RISE AS MUCH

Rpt-MNI INTERVIEW: Higher ECB Peak Means Faster To Cut-Simkus

MNI DATA FORECASTS: Flash PMIs In Market's Eyesight

EZ/UK Bond Supply Calendar: EU Bonds & UK APF Sales on Monday

MNI: CANADIAN MAR RETAIL SALES -1.4%; SALES EX-AUTOS/PARTS -0.3%

MNI: Canada Resilient To US Debt Ceiling Clash- Freeland

MNI BRIEF: BOC Defends 2% Target, Senate Asks About Raising It

MNI INTERVIEW: Canada Budget Keeps BOC On Pause: Ex Official

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

Banking Fallout Punishing Oil Markets

OIL
BulletEnergy BulletsHomepageCommodities

The crude sell off has maintained its downward momentum as banking fears mount resulting in oil prices tumbling.

  • The unease over the banking sector is overriding any optimism about China’s resurgent demand levels post-lockdown.
  • An earlier report by the IEA and yesterday’s monthly OPEC report had sparked a bullish tone for global oil demand on the back of China’s reopening.
  • The fall marks a sharp turn away from numerous bank forecasts for $100/bbl oil this year.
  • Oil has been pulled between central bank tightening and Chinese demand keeping them within a $10 range for much of this year.
  • Brent MAY 23 down -6.6% at 72.34$/bbl
  • WTI APR 23 down -6.9% at 66.43$/bbl
112 words

To read the full story

Why Subscribe to

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.

The crude sell off has maintained its downward momentum as banking fears mount resulting in oil prices tumbling.

  • The unease over the banking sector is overriding any optimism about China’s resurgent demand levels post-lockdown.
  • An earlier report by the IEA and yesterday’s monthly OPEC report had sparked a bullish tone for global oil demand on the back of China’s reopening.
  • The fall marks a sharp turn away from numerous bank forecasts for $100/bbl oil this year.
  • Oil has been pulled between central bank tightening and Chinese demand keeping them within a $10 range for much of this year.
  • Brent MAY 23 down -6.6% at 72.34$/bbl
  • WTI APR 23 down -6.9% at 66.43$/bbl