CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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 Retains Tuesday’s Losses, US EIA Inventory Data Out Later

OIL

After a technical-driven drop of around 2% on Tuesday, oil prices are slightly higher today with risk sentiment generally weaker. Brent is up 0.1% to $79.61/bbl after a high of $80.01 and WTI is 0.1% higher at $75.60/bbl following $75.95. USD index is 0.1% higher.

  • Oil prices rallied recently driven by oil specific factors such as continued trouble in the Middle East and the politically-motivated closing of Libyan oil fields. But Goldman Sachs and Morgan Stanley have cut their 2025 crude forecasts due to soft demand from China related to the economy but also the switch to EVs, according to Bloomberg. It is the world’s largest oil importer. These trends are also likely to impact European demand.
  • OPEC plans to reduce its output cuts from October, which is also adding uncertainty to market pricing, but it also said that its intention remains flexible.
  • Bloomberg reported a 3.4mn barrel US crude drawdown last week with gasoline down 1.86mn and distillate -1.41mn. The official EIA data is published later today.
  • Later the Fed’s Waller and Bostic speak. The data calendar is light with only euro area July M3 of note.
EM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets
EM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets

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.