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Free AccessDrawing Support From USD Downtick, Still On Track For Third Weekly Loss
A softer USD has provided some support for crude oil in the final session of the week, although continued demand worry leaves the major oil benchmarks on track for a third consecutive weekly decline.
- WTI and Brent futures sit $0.50 & $0.30 higher on the session, respectively.
- Heightened worry re: the COVID situation has been a major headwind for crude bulls during the current week.
- In the background, European officials remain locked in discussion re: the technicalities surrounding the proposed Russian oil price cap, with the relevant parties not appearing close to forming a consensus agreement.
- Note that late on Thursday we saw the Iraqi and Saudi Arabian oil ministers stress commitment to continued collective action within the OPEC+ framework via a joint statement. The statement highlighted the potential for the group to take further action re: crude output levels, if required.
To read the full story
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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.