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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.
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Free AccessLate Week Sell Off for Oil as Bearish Momentum Takes Hold
OIL MARKETS END OF DAY – Renewed Gaza ceasefire hopes, China weakness and a stronger dollar weighed on crude markets on Friday.
- Brent SEP 24 down -2.7% at 82.8$/bbl
- WTI AUG 24 down -3% at 80.36$/bbl
- Oil has fallen back to mid-June levels breaking an earlier low on Tuesday in the later session sell off, creating more bearish momentum.
- Markets remain higher on the year, supported by OPEC+ restraint, spearheaded by subdued Saudi flows.
- WTI’s prompt spread remains in backwardation, indicating demand outweighs supply in the short term.
- U.S. Secretary of State Antony Blinken said on Friday a long-sought ceasefire between Israel and the Palestinian militant group Hamas was within sight.
- Oil markets have turned their sights to the outcome of what a Trump presidency would mean for energy markets as polling moved further in his favour this week and Biden’s future looks uncertain.
- Canada wildfires continue as a potential supply side focus though most site evacuations remain non-essential staff only.
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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.