MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Crude Continues Decline, Questioning Effectiveness Of OPEC Cuts

OIL

Oil prices fell around a percent on Monday to be down over 5% since Wednesday, the day before the OPEC announcement. There is significant uncertainty over quota compliance while non-OPEC output remains strong. The rise in the dollar also weighed on crude (USD index +0.4%).

  • WTI is down 1% to $73.31/bbl off the intraday low of $72.63. It is now 5.8% lower than Wednesday. Support is at the bear trigger of $72.37, November 16 low.
  • Brent is 0.8% lower at $78.23/bbl, after a low of $77.52, to be down 5.5% since before the OPEC+ decision. Support and bear trigger is at $76.71.
  • Comments from the Saudi energy minister that cuts can easily be extended beyond Q1 2024 provided only a temporary pickup in the market.
  • The US is planning to replenish the SPR as much as it can at current low prices, according to Bloomberg. There are some structural barriers though.
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.