Free Trial

Crude Rebounds to Highest Since Friday


Crude front month is rebounding from earlier lows of $79.13/bbl to the highest level since Friday, driven a recent decline in the US Dollar, uncertainty over the outcome of Thursday’s OPEC+ meeting as well as lower output at Kazakhstan’s oil fields due to the closure of the CPC and Novorossiysk oil terminals.

    • Brent JAN 24 up 2.2% at 81.7$/bbl
    • WTI JAN 24 up 2.3% at 76.57$/bbl
    • Gasoil DEC 23 up 2.2% at 835$/mt
    • WTI-Brent down -0.04$/bbl at -5.13$/bbl
  • Reports suggested OPEC is still divided over whether to cut output further with many reluctant to do so. Earlier headlines said OPEC+ talks on oil policy are difficult, making a further delay or a rollover possible according to four OPEC+ sources. And OPEC+ no closer to resolving Africa Quota disputed according to delegates.
  • Oil production at Kazakhstan's largest fields has fallen 56%, Shyngys Ilyasov, adviser to the country's energy minister, said, cited by Interfax, due to the ongoing storm in the region.

To read the full story



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.