MNI: PBOC Net Injects CNY80 Bln Via OMO Thurs; Rates Unchanged

CHINA PBOC CONDUCTS CNY100 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Higher At 7.1270 Thurs; -0.78% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 THURS VS 7.1248

MNI BRIEF: China Yuan Supported By Exports, Short Swing Sees

MNI BRIEF: RRR Trim A Better Option Than Rate Cut Now: BOC

Business Sentiment Eases, But Export Outlook Ticks Higher

Japan May Retail Sales +3.0% Y/Y

MNI BRIEF: Japan’s H’hold Financial Assets Hit Record High

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

Crude In Narrow Ranges As Waits For OPEC+ Decision

OIL

Crude has been trading in a narrow range during the APAC session ahead of today’s OPEC+ meeting. It is being held online and so there is still the possibility that it could be delayed again if the group is still divided over output cuts. Existing cuts are expected to be extended into 2024 but there is a lot of uncertainty over whether they will be deeper in response to recent price weakness, if they don’t then crude is likely to fall sharply. Oil prices are down moderately as is the USD index.

  • Brent is down 0.2% to $82.71/bbl, off the intraday high of $82.93 and the earlier low of $82.39. WTI is 0.1% lower at $77.78/bbl after a high of $77.96 and low of $77.46.
  • Bloomberg is reporting that Saudi Arabia wants other OPEC members to reduce output as it has done. There is a disagreement over quotas for Nigeria and Angola, they have been underproducing for some time. The WSJ reported that delegates told it that OPEC+ is considering deepening its output cuts by up to 1mbd. Non-OPEC output has been rising, especially in the US.
  • Later the Fed’s Williams speaks on innovations in central banking and there are US jobless claims, October income/spending & deflators, and MNI November Chicago PMI. Also ECB President Lagarde speaks and euro area preliminary CPI data are released. Canadian Q3 GDP prints.
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.