Free Trial

Crude printed modest gains overnight, with......>

OIL
OIL: Crude printed modest gains overnight, with WTI & Brent $0.10 higher at
~$62.70 & ~$65.65 respectively.
- The latest private estimate reportedly suggested that crude stocks at the
Cushing hub will show a draw this week, as traders await Tuesday's API estimate,
followed by the DoE crude inventory release on Wednesday.
- The latest Cushing stock estimate outweighed Monday's reopening of Libya's
Sharara oilfield & the IEA estimating that US crude production will rise by
2.7mln bpd by 2023.
- For WTI, a lack of follow through on dips back to $60.13 has provided the
impetus for a close above 21 & 55 ($61.87) DMAs and sees focus return to
$64.24-97. Bulls now need a close above this region to return initial focus to
$66.39-65 where 2018 highs are noted. Bears now need a close below $61.10 to
confirm breaks of 21 & 55-DMAs and return focus to $57.90-59.59 where the
100-DMA and bull channel base are noted.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.