MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: Mexico Inflation Down To 4.55% In November

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 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 Down As Excess Supply & Demand Uncertainties Drive Market

OIL

Oil prices have given up some of Friday’s gains during the APAC session today as China returned from holidays. Brent is down 0.7% to $82.87/bbl and has struggled to trade above $83 with equity sentiment mixed and demand again overtaking geopolitical concerns. WTI is 0.8% lower at $77.87 falling below $78 when China/HK markets opened. Trading is likely to be thin with the US closed for a holiday. The USD index is down slightly.

  • The IEA wrote in its monthly report published last week that it expects demand will ease through 2024 and that the market will be in surplus throughout the year. China’s demand outlook remains a significant point of uncertainty.
  • Geopolitical issues persist with no progress being made in resolving the conflict in the Middle East but they are yet to impact energy supplies apart from delays from rerouting around southern Africa. UKMTO reported today another vessel had been struck by Houthi rebels off the coast of Yemen with the crew abandoning the ship. The US said that it has struck five Houthi targets.
  • The US and Canada are closed for holidays. There are no ECB or BoE speakers either. Attention this week is likely to be on geopolitical developments, US inventory data, the FOMC minutes and preliminary February PMIs.
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.