MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI BRIEF: Hiking Cycle Would Be Gradual - BCB's Guillen

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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

Crude Holding Gains, Output Measures May Not Be Enough To Tighten Market

OIL

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.
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.