Free Trial

Crude Edges Up to Test Weekly Highs

OIL

Crude moves back positive on the day to trade up through the previous high of the week of 76.99$/bbl. Crude is supported by a slightly weaker US dollar as the market assesses the impact of central bank tightening and Russian oil production cuts of 500kbpd until the end of June.

  • The global oil market remains volatile, and Russia aims to narrow the discount on its oil exports according to Russia’s Novak.
    • Brent MAY 23 up 0.5% at 77.04$/bbl
    • WTI MAY 23 up 0.6% at 71.3$/bbl
    • Brent MAY 23-JUN 23 up 0.07$/bbl at 0.38$/bbl
    • Brent JUN 23-DEC 23 down -0.02$/bbl at 1.67$/bbl
    • Brent DEC 23-DEC 24 up 0.04$/bbl at 3.01$/bbl

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.