MNI BRIEF: China Seen Growing 5% In 2024 - Former Official

MNI China Daily Summary: Monday, Aug 5

MNI BRIEF: Taiwan FX Reserves Down In July

MNI BRIEF: China Private Services PMI Up In July

MNI: PBOC Net Drains CNY300.9 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1345; -0.35% Y/Y

EZ/UK Bond Supply Calendar: Austria, UK and Germany on Tuesday

EZ/UK T-Bill Calendar: Spain and Belgium Due Tuesday

MNI: US ISM JUL SERVICES COMPOSITE INDEX 51.4

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Consolidates Ahead Of NFP, Tracking Sharply Down For The Week

OIL

Oil prices have tracked relatively tight ranges in the first part of Friday trade. Brent last near $84.30, after a modest move higher to $84.63/bbl earlier.

  • Support was evident in NY trade on dips sub $84/bbl during Thursday trade, but we haven't tested this support point again. At this stage, Brent is tracking 11.5% weaker for the week, with today's modest +0.30% gain on pairing these losses modestly.
  • For WTI we got near $83/bbl in early trade, but we sit back at $82.55/bbl in latest dealings. The benchmark contract is -9% down for the week.
  • There has been little in the way of fresh macro news on the oil front today. Broadly steady trends in the USD and US rates ahead of the up coming payrolls print, could be keeping trading interest light today.
  • For Brent, a break sub $84/bbl could see late August lows near $82/bbl targeted.
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.