NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI: BAKER HUGHES US RIG COUNT 605; OIL RIGS 499; GAS RIGS 102

BoE Data Watch

RBA Data Watch

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Oil Helped Lower With Clearance Of Technical Support

COMMODITIES
  • Crude oil extends Friday’s slump with a further 2% decline, with today’s decline partly fuelled by equities more than reversing Friday’s climb.
  • It comes despite Bloomberg noting that much of the US East Coast is at risk of a gasoline shortage this summer as the EU ban of Russian oil products threatens to limit transatlantic supplies of which the US relies on during peak driving season. Separately, Russia’s government has formally banned sales of its crude to any buyers adhering to the G7 price cap.
  • WTI is -2.2% at $77.96, clearing support at $78.45 (Jan 19 low) to next eye $72.74 (Jan 5 low).
  • Brent is -2.1% at $84.81, clearing support at the 20-day EMA of $84.91, next eyeing $82.37 (Jan 12 low).
  • Gold is -0.2% at $1924.09, faring surprisingly well against a USD and Treasury yield push higher throughout the session ahead of a flurry of central bank meetings. It sits between resistance at $1949.2 (Jan 26 high) and support at $1897.00 (20-day EMA).
Energy BulletsCommodities
Energy BulletsCommodities

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.