Free Trial

Bearish threats remain

OIL
  • Despite partial recoveries in some other asset classes, oil failed to hold on to its gains yesterday and and has moved lower overnight (albeit still above the lows seen on Monday). At writing Brent and WTI are both around $0.25/bbl lower than settlement levels yesterday at $41.50 and $39.50 respectively.
  • As well as the concerning demand outlook from increases in cases of Covid-19, investors are also focused on the supply side with increased attention being paid to Libyan demand which is due to come back online soon.
  • Our technical analyst points to bearish threats for both Brent and WTI and notes key support lies at $39.30 (Sep 14 low) and $36.58 (Sep 8 low) respectively.
  • DOE inventory data will be watched later today.

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.