MNI: FED'S BARKIN STILL CONFIDENT UNDERLYING INFLATION FALLING

MNI China Daily Summary: Friday, January 3

MNI China Press Digest Jan 3:RRR Cut Mooted, Yuan, Consumption

MNI BRIEF: Beijing Boosts Consumer Trade-ins To Cellphones

MNI: PBOC Net Drains CNY88.5 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1878 Fri; -2.29% Y/Y

US EIA:NAT GAS STORAGE -116 BCF TO 3,413 BCF JAN 03 WK

MNI: US ISM DEC MANUF PURCHASING MANAGERS INDEX 49.3

MNI: UK NOV M4 MONEY SUPPLY +0% M/M, +2.9% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EU Partial Russia Ban Boosts Oil, OPEC Takes It Away

COMMODITIES
  • Crude oil has seen a mixed day, rising further early on after the EU agreed a partial ban on Russian oil with a six-month phase in for crude, which helped WTI eventually top out just shy of $120. However it then evaporated gains late on with WSJ reporting that OPEC is weighing suspending Russia from its oil production deal and that some OPEC members including Saudi Arabia may be planning to boost production.
  • WTI is -0.2% at $114.80. There is a wide band to technical levels, with support eyed at the 20-day EMA of $108.25 and resistance still the $120 psychological resistance that proves binding today.
  • On a mixed day, the most active strikes in the Jul’22 contract have been $130/bbl calls followed by $110/bbl puts.
  • Brent is +1.0% at $122.90, having stopped short of testing $125.30 (1.382 proj of the May 11-17-19 price swing).
  • Gold is -0.7% at $1841.6 as surging Treasury yields and dollar strength against JPY and EUR weighed on the yellow metal. It had recently maintained a firmer shorter-term tone although gains were considered corrective, leaving technical levels unchanged: resistance remains $1869.7 (May 24 high) with support at $1807.5 (May 18 low).
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.