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

(RPT)MNI INTERVIEW:Spending Remains Too Hot For BOC-Ex Adviser

MNI BRIEF: Reduce Energy Use Over Consumption - Ex Minister

PBOC Drains Net CNY35 Bln Weds; Rates Unchanged

EZ/UK Bond Supply Calendar: Italy Exch / Germany Bund Auct Wed

EZ/UK Bond Supply Calendar: Germany, Finland Auction Tuesday

EZ/UK T-Bill Calendar: 3/6-Month EU-Bills Auction on Wednesday

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Crude Rallies At Week End, But Down On The Week

OIL
HomepageCommoditiesEnergy BulletsBulletMarketsFixed Income NewsForeign Exchange News

Oil prices almost unwound Thursday’s sell off rising strongly on Friday. Supply developments drove the rally with the EU/US committed to stricter enforcement of sanctions on Russia and growing expectations that OPEC may cut output further at its next meeting. A weaker greenback would also have been supportive with the USD index down 0.5%.

  • WTI rose 4% to $75.84/bbl, still below Thursday’s high of $76.63. After being steady during Asian trading it trended higher through the European/US sessions. It broke through resistance at $74.92 to open up $79.65. But it was still down 1.7% on the week as demand concerns drove markets to be 6.4% lower this month.
  • Brent moved above $80 again to be up 4.1% to $80.62/bbl. Key short-term resistance is $83.97, November 14 high. It was down 1% on the week to be around 5% lower in November.
  • Goldman Sachs has written that it expects OPEC to act to keep Brent between $80 and $100 next year. US supplies have increased and Russian shipments have not been consistent with its commitment to cut output. Bloomberg is reporting that supplies from the North Sea and Guyana are expected to be higher in December.
193 words

To read the full story

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.

Oil prices almost unwound Thursday’s sell off rising strongly on Friday. Supply developments drove the rally with the EU/US committed to stricter enforcement of sanctions on Russia and growing expectations that OPEC may cut output further at its next meeting. A weaker greenback would also have been supportive with the USD index down 0.5%.

  • WTI rose 4% to $75.84/bbl, still below Thursday’s high of $76.63. After being steady during Asian trading it trended higher through the European/US sessions. It broke through resistance at $74.92 to open up $79.65. But it was still down 1.7% on the week as demand concerns drove markets to be 6.4% lower this month.
  • Brent moved above $80 again to be up 4.1% to $80.62/bbl. Key short-term resistance is $83.97, November 14 high. It was down 1% on the week to be around 5% lower in November.
  • Goldman Sachs has written that it expects OPEC to act to keep Brent between $80 and $100 next year. US supplies have increased and Russian shipments have not been consistent with its commitment to cut output. Bloomberg is reporting that supplies from the North Sea and Guyana are expected to be higher in December.