MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

MNI: US MAR NEW HOME SALES +8.8% TO 0.693M SAAR

MNI: US APR FLASH MANUFACTURING PMI 49.9 (FCST 52.0); MAR 51.9

MNI: US REDBOOK: APR STORE SALES +5.1% V YR AGO MO

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

Brent Eyeing Fresh Test Of $90/bbl

OIL

Early resilience in Brent crude didn't last, we are now back close to $90/bbl. It's a similar story for WTI, back to the low $83/bbl region. Overall ranges have been modest, albeit with a downside bias. Tighter policy from major central banks and clouds over the global economic outlook remain the main concerns on the demand outlook.

  • Brent is on track for its fourth straight weekly decline. Focus is likely to remain on whether we can break below the $90/bbl and trend down further. Dips sub this level have been supported so far in September.
  • Still, the sell-side consensus is for a recovery in oil prices through Q4 (see this Bloomberg article for more details).
  • Nigeria's oil minister stated that OPEC+ may be forced to make additional production cuts if prices continue to fall. A call between Russian President Putin and Saudi Crown Prince Mohammed bin Salman also committing to maintaining current OPEC+ agreements.
  • Earlier headlines, from Reuters, also suggested little progress in terms of a fresh US-Iran nuclear deal.
Energy BulletsCommodities
Energy BulletsCommodities

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.