Free Trial

Crude Futures Rebound After Losing Streak

OIL

Oil gained in Asia on Monday, rebounding after its worst weekly loss since April 2020 and a seven session losing streak, both WTI and Brent are up over 1% after an ~8% drop last week. Risk sentiment has been broadly positive in Asia which has seen equities and commodity markets rise. WTI is dealing around $62.98 and has resistance at $65.00, the Aug 9 low, Brent sees resistance at $68.14/70.04 the low Aug 16 / high Aug 18. There were reports over the weekend that the Libyan Central Bank Governor has called for a boost in domestic oil output of around 40% of its current level in order to boost spending and facilitate the economic recovery.

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.