Free Trial

Crude Loses Earlier Gains With Stronger USD

OIL

Crude falls back to negative on the day with a strengthening US dollar ahead of the updated EIA US inventory data. Brent front month has pulled back from a high of nearly 86$/bb earlier today.

  • The expectation is for a small draw in crude stocks after a large draw in API data late yesterday provided price support.
  • The bullish trend is still holding despite the pull back with support from OPEC+ supply cuts and improving economic expectations.
    • Brent OCT 23 down -0.2% at 84.77$/bbl
    • WTI SEP 23 down -0.3% at 81.15$/bbl
    • WTI-Brent up 0.05$/bbl at -4.03$/bbl
    • Brent OCT 23-NOV 23 down -0.03$/bbl at 0.41$/bbl
    • Brent DEC 23-DEC 24 up 0.04$/bbl at 4.91$/bbl
    • WTI SEP 23-OCT 23 down -0.02$/bbl at 0.43$/bbl
    • WTI DEC 23-DEC 24 down -0.01$/bbl at 5.41$/bbl

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.