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MNI BRIEF: Fed's Goolsbee Supports Slowing Rate Cuts

MNI BRIEF: US Dec Core PCE Inflation In Line With Expectations

MNI BRIEF: Fed's Bowman Wants Inflation Progress Before Cuts

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GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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

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Crude Oil Climbs On Fading Hopes Of Near-Term Ceasefire Deal In Gaza

COMMODITIES
  • Crude prices are headed for their highest close since Jan. 31. Prices are finding support from diminishing hope of any near-term ceasefire deal in Gaza and thus no end in sight for Middle East tensions.
  • Israeli PM Netanyahu, appeared to pour cold water on a ceasefire, telling reporters that Israel, "will not suffice with less," than a decisive victory in their war against Hamas.
  • The attacks in the Red Sea have become increasingly dangerous in the last days and the level of threats have likely not peaked yet, Maersk CEO Vincent Clerc said.
  • Oil demand is better than expected in the first week of February with a boost in China from the Lunar New Year holiday and with better weather in the US and Asia according to JPMorgan.
  • WTI is +3.5% at $76.47, gaining through the session to push closer to resistance at $76.95 (Feb 1 high) after which lies key resistance at $79.29 (Jan 29 high).
  • Brent is +3.3% at $81.85, clearing $81.55 (Feb 1 high) to key open a key short-term resistance at $84.17 (Jan 29 high).
  • Gold is -0.1% at $2032.73 despite ceasefire diminishing prospects, having mostly reversed a fleeting low of $2020.29 that remained above support at $2015.0 (Feb 5 low). The yellow metal sees some modest net downward pressure from the USD index reversing yesterday’s decline
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