FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Crude Lower On Friday But Rose Over The Week Undermining Bearish Trend

OIL

Oil prices were lower on Friday but ended the week around 3% higher and look set to finish June stronger. The sell off at the end of last week was driven by crude flashing overbought after rising strongly earlier in the week on an improved supply/demand outlook. The USD index was slightly higher on the day.

  • WTI fell 0.9% to $80.59/bbl on Friday to be up 3.3% on the week and 5% in June. It has started today lower at $80.45. The bearish theme was cancelled by the move above $80.11 and opens $82.24. Initial support is at $78.08, 20-day EMA, and a break of this could mark a reversal.
  • Brent is down 0.8% to $85.08/bbl but still up 2.9% last week and 4.8% this month. The break above short-term resistance at $84.72 has undermined the recent bearish theme and near-term the trend higher could continue. Initial resistance is at $85.96, June 20 high while support is at $82.84, 20-day EMA.
  • Another ship was struck by Houthi drones off the coast of Yemen on Sunday. According to the UK Navy, the ship had to be abandoned. While Ukraine continues to target Russia’s refining infrastructure. Geopolitics could support energy markets again.
  • The US reported the fourth consecutive drop in its oil rig count.
EM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
EM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.