BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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 Prices Lower As Market Growth Concerns Rise

OIL

MNI (Australia) - Oil has been trading in a tight range again today on thin year-end liquidity. WTI is down slightly again by 0.3% to about $78.70/bbl after falling 0.8% on Wednesday, as fears of a new global Covid wave grow. Brent is down 0.3% to $83.00. DXY is flat on the NY close.

  • The Australian is reporting that the US, Italy, India, Japan and Taiwan have introduced procedures for incoming travellers from China after the end of its quarantine rules. The possible global spread of Covid has created some uncertainty in markets over the boost to growth from China’s reopening (bbg).
  • Oil has traded in a wide range this year with WTI reaching a peak of $105.94/bbl at the beginning of June and a trough at the start of 2022 of $70.03, before the Russian invasion of the Ukraine. Brent had a high of $110.46 and a low at $73.68.
  • API crude inventories fell 1.3mn in the latest data after a 3.07mn drawdown in the previous week. Distillate and gasoline stocks were higher.
  • Another quiet day with only US jobless claims and EIA inventory data scheduled later.
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.