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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.
OIL
- Brent crude bounced back 1.5% to $77.22 overnight from four straight day of declines.
- West Texas Intermediate rebounded 1.5% also, moving above $73 briefly before slipping back to $72.98 at the open in Asia.
- The four day downward move in prices took prices close to oversold territory on the relative strength index (14).
Fig 1: WTI and RSI (14)
Source: Bloomberg/MNI - Market News
- The move higher came as economic data showed that the slowing US of the economy is happening at a moderate pace.
- Data showed that Initial Jobless Claims rose less than expected.
- Continued weakness in China, the world’s largest crude importer, is adding to concerns about the US economy’s ability to slow gradually.
- With no key data out of China or the US today, oil prices may consolidate overnight gains going into the weekend.
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.
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