Free Trial

Crude continued its advance to print fresh......>

OIL
OIL: Crude continued its advance to print fresh multi-year highs, with WTI
adding $0.80 & Brent adding $0.90 to trade at $70.50 & $75.75 respectively.
- The rally came in spite of an uptick in the latest weekly Baker Hughes rig
count data, as markets await US President Trump's decision on the Iranian
nuclear deal.
- It is also worth noting that weekend reports highlighted that Iran disagrees
with Saudi Arabia's want for a higher oil price, pointing to breaks within OPEC.
- WTI bulls took comfort in support emerging on dips back towards the 21-DMA
($67.64) last week which provided the base for a rally to fresh 2018 & 3+yr
highs that continues today. Bulls reconfirmed dominance with focus currently on
the daily bull channel top around $71.54. Bears now need a close below the high
from April 19 ($69.55) to gain breathing room.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.