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Free AccessJust Shy Of Weekly Highs, Better China Data Doesn't Impact Sentiment
Brent crude is slightly lower, off 0.25% from NY closing levels, last just under $79.10/bbl. This follows Thursday's +1.25% gain. Brent is tracking +5.45% firmer for the week, although still looks likely to post a sharp lost for March (nearly 5.75% at the time of writing). WTI is around $74.35/bbl currently.
- From a technical standpoint, Brent is struggling near term for a break above $80/bbl. if seen, this would open up a test of the 50-day EMA ($80.71/bbl). As we noted earlier in the week, a breach of the 100-day EMA (just above $83.70/bbl), is likely to be needed to entrench more bullish sentiment.
- Focus remains on the supply side, with Iraq’s Kurdistan region remaining offline as talks between the Iraqi and Kurdish governments aren’t scheduled to resume before next week.
- Today's better than expected China PMI prints hasn't produced a positive impact on oil sentiment.
- Looking ahead French CPI is due later, although most focus is likely to rest on the US PCE deflator, which prints later on. The ECB's Lagarde does a Q&A with students. Also note Fed's Williams and Cook are due to speak.
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Why MNI
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