Free Trial

Gains In Asia

OIL

Crude futures have shaken off their early Asia weakness, which was linked to the discovery of fresh Omicron cases across the U.S., with WTI & Brent now sitting a little over $1.00 above their respective settlement levels.

  • Asia-Pac participants have forced an extension of Thursday’s rally, which came in the wake of the OPEC+ group moving ahead with its planned 400K bpd monthly increase in cumulative production in January, which was accompanied by an acknowledgement that the pre-empted steps could be reassessed at any time owing to heightened uncertainty in the oil markets. A reminder that there was some pre-meeting speculation re: the potential for a smaller output rise for the group in the wake of the announcement re: a coordinated oil stockpile release on the part of several of the major oil consuming nations.
  • A broader recovery in U.S. equity indices and the explicit ability re: OPEC+ adjusting the supply dynamics when it sees fit ultimately saw crude off lows on Thursday, with the two major benchmark futures contracts adding the best part of $1.00 on the day come settlement time.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.