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 Oil Sees A Second Almost 5% Slide But Gold Spurred By Weaker USD

COMMODITIES
  • Crude oil has slumped further today, with WTI currently -4.7% after yesterday’s >5% decline, attributed to further demand concerns and with an additional rolling over back closer to session lows after the FOMC went through with a mostly priced 25bp hike.
  • OPEC+ will monitor the situation on the oil market according to Russia Deputy PM Novak based on Tass reports, with it necessary to understand the reasons for the price drop and whether it may prove temporary. Further cut commitments by Russia will be drawn into question by the market based on its oil exports remaining high despite claims of 500 kbpd cuts.
  • WTI is -4.7% at $68.32, having pushed through the round $70, further support at $69.02 (76.4% retrace of Mar 20 – Apr 12 rally) and coming close to $67.02 (Mar 24 low).
  • Brent is -4.3% $72.05, pushing through support at $74.06 (76.4% reatrce of Mar 20 – Apr 12 bul run) and $72.34 (Mar 24 low), opening a key support at $70.10 (Mar 20 low).
  • Gold is +0.45% at $2025.77, supported by the DXY slipping through the day. The yellow metal has pushed through resistance at $2019.4 (May 2 high) and briefly spiking to $2035.95 on FOMC-related volatility. The bull trigger remains at $2048.7 (Apr 13 high).
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.