MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI BRIEF: China Visitor Mobile Payments Surge in H1

Riksbank Shouldn’t Place Too Much Weight On The Q2 GDP Indicator

MNI: SWEDEN Q2 GDP +0% Y/Y

MNI: SWEDEN JUN RETAIL SALES -0.1% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Gold Clears Key Resistance And Crude Takes Step Closer To Bull Trigger

COMMODITIES
  • WTI rallied off earlier lows during US trading amid a large crude draw for decade low stock levels. Tight market and concerns over escalation in the Middle East add further support.
  • The US plans some oil-related sanctions relief for Venezuela beginning almost immediately in response to Tuesday’s election deal between Venezuela govt and opposition, according to a senior state dept official. The US is issuing licenses to broadly ease sanctions on Venezuela’s oil and gas sector, including its business with Caribbean nations.
  • The Iranian Foreign Minister Hossein Amirabdollahian calls for a “full and immediate boycott” of Israel by Muslim countries, the expulsion of Israeli ambassadors and an oil embargo against Israel, according to statement by ministry on Telegram.
  • OPEC is not planning to hold an extraordinary meeting or to take immediate action following calls by Iran for Muslim countries to impose an oil embargo on Israel, according to Reuters’ sources.
  • WTI is +2.0% at $88.42, off an earlier high of $89.88 which pushed through $89.59 (Oct 4 high) to open a bull trigger at $95.03 (Sep 28 high).
  • Brent is +1.7% at $91.46, off a high of $93.00 which took a step closer to a bull trigger at $95.35 (Sep 28 high).
  • Gold is +1.5% at $1951.00 as geopolitical risk dominates a further climb for US Treasury yields and renewed USD strength. It cleared a key resistance at $1953.0 (Sep 1 high) to open $1965.5 (61.8% retrace of May 4 – Oct 6 bear leg), coming close with a high of $1962.64 before it was helped lower by headlines of Gaza humanitarian aid being allowed to pass from Egypt.
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.