© 1982-2022 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
AUSSIE BONDS

AOFM Weekly Issuance Slate

CHINA RATES

China Repo Rates Diverge On Friday

CHINA PRESS

China Should Prepare For Global Stagflation-CF40

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Topics

Crude Oil Ends Softer On Potential Venezuela Supply

COMMODITIES
Metals bulletEM BulletFixed IncomeCommoditiesEnergy BulletsBulletMarketsEmerging MarketsForeign Exchange
  • Crude oil prices ending the session lower as the US Treasury, with the decline coming as the US allows Chevron to negotiate its oil license with Venezuela’s PDVSA with a further decline into settlement.
  • Prices had previously ground higher on a China re-opening/risk-on theme which also saw further increases in gasoline prices ahead of the summer driving season.
  • Separately, US Treasury Officials plan to propose to European countries a tariff on Russian oil as a faster alternative to an outright ban.
  • WTI is -1.6% at $112.4. Resistance is eyed at the earlier high of $115.56 after which it opens the Mar 9 high of $118.13, whilst support is the 20-day EMA of $105.52.
  • Brent is -2.1% at $111.82. Resistance is the earlier high of $115.69 having stopped just shy of testing a bull trigger at $115.76 (Mar 24 high), whilst support sits at $107.87 (20-day EMA).
  • Gold dips -0.45% to $1815.85 as Treasury yields rise with Fed hike expectations. It remains vulnerable despite yesterday’s recovery having traded through the $1800 handle, setting the scene for an extension lower towards the next key support at $1784.4 (Jan 28 low).
188 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • Crude oil prices ending the session lower as the US Treasury, with the decline coming as the US allows Chevron to negotiate its oil license with Venezuela’s PDVSA with a further decline into settlement.
  • Prices had previously ground higher on a China re-opening/risk-on theme which also saw further increases in gasoline prices ahead of the summer driving season.
  • Separately, US Treasury Officials plan to propose to European countries a tariff on Russian oil as a faster alternative to an outright ban.
  • WTI is -1.6% at $112.4. Resistance is eyed at the earlier high of $115.56 after which it opens the Mar 9 high of $118.13, whilst support is the 20-day EMA of $105.52.
  • Brent is -2.1% at $111.82. Resistance is the earlier high of $115.69 having stopped just shy of testing a bull trigger at $115.76 (Mar 24 high), whilst support sits at $107.87 (20-day EMA).
  • Gold dips -0.45% to $1815.85 as Treasury yields rise with Fed hike expectations. It remains vulnerable despite yesterday’s recovery having traded through the $1800 handle, setting the scene for an extension lower towards the next key support at $1784.4 (Jan 28 low).