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Free AccessHolding Near Recent Highs, Brent Eyeing $80/bbl Handle
Brent crude sits close to unchanged for the session, last tracking around $79.50/bbl. Earlier highs came in at $79.75/bbl, while a low of $79.31/bbl was seen. We did see a +2.2% gain for Brent on Tuesday, so by and large we are holding onto those gains for far in Wednesday trade. WTI was last near $74.95/bbl, a touch above NY closing levels from Tuesday.
- Broader macro themes have unfolded in a similar fashion to yesterday, with USD sentiment under pressure, the BBDXY off a further 0.30%. On-going China stimulus hopes has been another focus point, with onshore media in China highlighting local analysts calling for more fiscal stimulus in H2.
- Bloomberg also notes reduced Russian supply (based of vessel tracking) to July 9, which suggests OPEC+ supply cuts may be biting further.
- For oil bulls the $80/bbl handle is not too far away, while the 200-day EMA is higher at $82.32/bbl.
- Coming up later is the EIA release of its weekly report on US crude stockpiles.
To read the full story
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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.