Free Trial

Fresh Cycle Highs


WTI & Brent crude futures have added the best part of a dollar apiece vs. Friday's settlement levels, with both contracts registering fresh cycle highs in the process. This comes after Saudi Arabia cautioned that oil producers should not consider themselves out of the woods yet, with the country once again playing down the need to hike oil production at a quicker than exp. rate on the back of the recent surge in gas prices. We also saw OPEC+ pact participants Nigeria & Azerbaijan play down the need for quicker than outlined rises in crude output re: OPEC+, falling in line with Saudi messaging. The uniform tone coming from those producers, coupled with follow through from Friday's rally & a modest downtick in the USD, has seemingly supported oil early this week.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



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.