MNI: GERMANY OCT RETAIL SALES -1.5% M/M

MNI: GERMANY OCT EXPORT PRICE INDEX 0.3% M/M, 0.6% Y/Y

MNI BRIEF: Trump Tariffs To Push China, EU Cooperation - BOC

MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1877 Fri; -1.39% Y/Y

MNI BRIEF: China May Inject CNY1 Trln To Replenish Big Banks

MNI: SWEDEN Q3 GDP +0.7% Y/Y

MNI: SWEDEN OCT RETAIL SALES +0.9% Y/Y

MNI JAPAN NOV TOKYO CORE CPI +2.2% Y/Y; OCT +1.8%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Crude Higher As Tensions Build & US Stocks Fall

OIL

Oil prices finished over a percent higher as the conflict in Israel/Gaza continues and the US saw a higher-than-expected crude stock drawdown. Biden was scheduled to visit Israel and Jordan today to continue efforts to defuse tensions but the Jordan summit has now been cancelled following Egypt and Palestine’s leaders pulling out over the bombing of a hospital in Gaza. This may add to oil’s war risk premium.

  • Brent rose 1.4% to finish above $90 at $90.88/bbl. It fell to a low of $88.88 in the NY session but then rallied to a high of $90.93. Resistance is at $91.56, the October 3 high.
  • WTI is 1.2% higher at $87.71/bbl, close to the intraday high, after a low of $85.60. Resistance is at 89.59, October 4 high.
  • Bloomberg is reporting that US crude inventories fell a more-than-expected 4.38mn barrels after rising 12.9mn in the previous week according to API data. Gasoline stocks fell 1.58mn.
  • Venezuela’s government and opposition have agreed on terms to hold fair elections which will allow an easing of sanctions on oil shipments. The vote will be held in the second half of 2024 with five organisations invited to monitor it and all eligible candidates allowed to participate.
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.