MNI China Daily Summary: Thursday, December 12

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China Weighs On Prices But Likely To Gain On The Month

OIL

Oil prices are down so far today by about 0.5% with WTI trading just under $87.50 and Brent around $95/bbl. WTI is still above its 20- and 50-day moving averages. It looks like oil is heading for its first monthly gain since May, possibly of over 10%, due to OPEC+ announcing production cuts to occur in November.

  • Prices were lower today due to weak PMI data from China showing that the economy has contracted in October. This added to existing concerns that demand for commodities out of China is slowing due to its Zero-Covid Policy. But supply concerns are still supporting oil as OPEC+ cuts are imminent, the northern hemisphere winter approaches and European sanctions on Russian oil are due to come in on December 5.
  • USD developments in the wake of Wednesday’s Fed meeting will also drive oil prices at the start of November, as a lower dollar reduces the cost in local currencies.
  • In other news, Iranian oil minister Owji has gone to Moscow to discuss Russian investment in Iran’s oil and gas sector, according to Bloomberg.
Energy BulletsCommodities
Energy BulletsCommodities

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