Free Trial

Dollar Strength Weighs On Crude Oil and Gold

COMMODITIES
  • Crude oil is off lows but nevertheless has slid today as a stronger USD trumped any perceived demand boost following a stronger than expected April reading for the Empire State manufacturing index.
  • In more specific news, Iraq’s federal government and the KRG have cleared up technical issues essentially to resuming northern oil exports from the Turkish port of Ceyhan according to Reuters sources.
  • Elsewhere, the US Treasury published a warning to US companies of possible evasions of the Russian oil price cap exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports in eastern Russia.
  • WTI is -1.8% at $81.01, falling further away from key resistance at $83.53 but remaining off support at $79.00 (Apr 3 low).
  • Brent is -1.6% at $84.92, moving closer to support at $83.50 (Apr 3 low).
  • Gold is -0.4% at $1996.27, fading on the USD strength and higher Tsy yields but holding above support at $1981.7 (Apr 10 low).

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.