Free Trial

Brent Extends Weakness Below $90

OIL

Oil markets have weakened further through today’s session ahead of central bank meetings this week that look set to dent economic activity as they try to tame inflation.

  • Brent NOV 22 down -2.2% at 89.36$/bbl
  • WTI OCT 22 down -2.5% at 82.94$/bbl
  • The gap between prompt Brent crude futures and the second month contract remains in a bullish backwardation pattern. The spread was at $1.31 a barrel, compared with $1.07 a week ago.
  • With the overall demand picture looking gloomy, news of China opening up Chengdu has added some positive sentiment in recent days.

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.