MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

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

Further Boost For Oil As Russian Oil Looks To Be Shunned

COMMODITIES
  • Oil prices rise solidly throughout most of the day despite IEA cutting its oil demand forecast following China lockdowns early on. The move has been helped by major global trading houses planning to reduce crude and fuel purchases from Russia's state-controlled oil companies as early as May 15 to avoid falling foul of EU sanctions on Russia, according to Reuters sources.
  • There was a much larger build than forecast for the headline crude stocks (+9.4mln bbls vs. Exp. +256k) - but partially priced in due to similar pattern in last night's API data.
  • WTI is +3.5% at $104.2 as it approaches key near-term resistance of $105.59 (Apr 5 high) after which it opens $108.75 (Mar 30 high).
  • Brent is +3.9% at $108.7, also close to initial firm resistance at $109.9 (Apr 5 high) with support materially lower at $97.57 (Apr 11 low).
  • Gold is +0.5% at $1976.6 having cleared resistance at $1978.6 (Apr 12 high) but is struggling to hold onto the higher level. A sustained break would open $1980.3 (50% retracement of Mar 8-29 downleg).
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.