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Free AccessCrude Holding Gains, Output Measures May Not Be Enough To Tighten Market
Oil prices rose moderately on Monday to post the third consecutive daily gain. They are off the intraday lows but are still down from the earlier high to be up around 0.3% but still down 6% on the month. Concerns over a surplus in the market persist but it is currently waiting for today’s US CPI data and Wednesday’s Fed decision. The USD index was 0.1% higher.
- WTI is up 0.2% to $71.40/bbl. It reached a high of $71.81 earlier but then fell to $70.35. Resistance is at $72.37, November 16 low, with support at $68.80, December 7 low.
- Brent traded above $76 late in the NY session to be 0.3% higher at $76.07/bbl. It rose to $76.50 earlier and then fell to $75.01, finding support at $75. Resistance is at $79.36, 20-day EMA, and support at $73.50, July 6 low.
- Traders believe that OPEC+’s 2.2mbd worth of Q1 cuts may not last long enough for the market to tighten and they may need to be extended into Q2/Q3, according to Reuters. Citigroup believes that the group will need to extend the reductions further into 2024 to maintain prices between $70 and $80, according to Bloomberg.
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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.