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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.
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Free AccessMNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday
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US TREASURY AUCTION CALENDAR: 5Y Stops Through
Crude Finished The Week Higher, Prices Lower Today On Gaza Truce Talks
Oil prices were up slightly to end the week higher on more positive supply/demand fundamentals, further Ukrainian attacks on Russian oil infrastructure and continued Middle East uncertainty. The higher-than-expected US March core PCE inflation weighed on crude during US trading as a delay to Fed easing is seen as impacting oil demand. The resultant stronger greenback also tempered the recovery in prices (USD index +0.3%).
- WTI rose 0.1% to $83.66/bbl on Friday to be up 1.8% on the week but has started this week lower at $83.40. There have been reports of progress on an Israel/Hamas truce which may be reducing the geopolitical risk premium today.
- Key short-term support for WTI is at $81.03, 50-day EMA. A clear break of this would be needed to signal scope for a deeper retracement. It fell to a low of $83.35 on Friday. The bull trigger is at $86.97.
- Brent increased 0.3% to $88.06 on Friday after a low of $87.62 which followed a high of $88.64. It was also 1.8% higher on the week. It is currently around $87.75. Initial support is at $85.88, 50-day EMA, and a clear break of this is needed to signal a deeper retracement. The bull trigger is at $92.18 and clearance of this would resume the uptrend.
- Ukraine struck the Russian Slavyansk oil refinery resulting in its activity being partially suspended.
- Declining refining margins in Asia, which is expected in Europe too, are likely to reduce demand for crude.
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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.