MNI BRIEF: BOJ To Adjust Easy Policy Cautiously - Nakamura

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI BRIEF: Fed's Daly Says No 'Urgency' To Lower Rates

MNI BRIEF: Powell Says US Is 'Far' From Fiscal Dominance

MNI BRIEF: US Firms Wary of Tariff-Related Inflation - Fed

MNI:AUSTRALIA OCT TRADE BALANCE A$+5953

EZ/UK Bond Supply Calendar: Spain, France Auction, UK Tender

US EIA: CRUDE OIL STOCKS EX SPR -5.07M TO 423.4M NOV 29 WK

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 Trading Sideways After Rising On China PMI Data

OIL

Oil prices have been trading sideways during the APAC session after rising around a percent on Wednesday following positive PMI data from China. Brent is around $84.39/bbl, hovering around the 100-day moving average, and WTI is $77.72. The USD index is up 0.1%.

  • Oil prices are holding above last week’s lows but moving average studies remain in bear mode. Key short-term support for WTI is at $73.80, the February 22 low.
  • The EIA reported a lower-than-expected US crude inventory build of 1.165mn down from the previous week’s 7.648mn. US oil exports rose a very strong 22.4% on the week.
  • The Fed’s Waller and Kashkari are speaking later on the economic outlook and race, justice and the economy respectively. In terms of data, there are US jobless claims and final Q4 readings for unit labour costs/productivity. There is also euro area February CPI data and ECB minutes.
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.