MNI BRIEF: US Labor Costs Increase 0.9%, Below Expectations

MNI BRIEF: ADP's Richardson Sees Normalizing US Labor Market

CANADA FLASH Q2 GDP ANNUALIZED +2.2%

MNI China Daily Summary: Wednesday, July 31

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI Chicago Report™: 17% of Firms Have Sped Up Plans For Holiday Season

MNI Chicago Report™: Around 37% of Respondents See Growth Between 0-5%

Chicago Business Barometer™ - Decreases to 45.3 in July

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

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

Crude Maintains Earlier Strength After Payrolls Data

OIL

Crude continues to edge higher after the latest US nonfarm payrolls data showed a larger than expected rise. Prices were already trading higher following a report of potential new measures under consideration to support the economy in China and with uncertainty over the outcome of the OPEC+ meeting this weekend.

  • Upside moves in crude have been limited by concerns for the impact of persistent inflation on US Fed policy and China's weaker manufacturing activity in the last couple of months.
  • Next Brent technical resistance is at the 20 day EMA of 75.92$/bbl and with support at 71.20$/bbl. WTI resistance is at the 50 day EMA of 73.68$/bbl and support at 66.46$/bbl.
    • Brent AUG 23 up 2% at 75.78$/bbl
    • WTI JUL 23 up 2.1% at 71.59$/bbl
    • WTI-Brent down -0.04$/bbl at -4.11$/bbl
    • Brent AUG 23-SEP 23 up 0.07$/bbl at 0.14$/bbl
    • Brent DEC 23-DEC 24 up 0.39$/bbl at 3.2$/bbl
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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.