MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI China Press Digest March 13: SMEs, Shipping, Guangdong

MNI BRIEF: US Budget Deficit At $1.15T Thru Feb

CORRECTED-MNI BRIEF: Brazil's Inflation Rises To 5.06% In Feb

MNI China Daily Summary: Wednesday, March 12

MNI: US FEB TREASURY BUDGET -$307.0B

EZ/UK T-Bill Calendar: 1/3/6-month UKTB Due Thursday

EZ/UK Bond Supply Calendar: Greece Synd / Italy Auction Thurs

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Mid-Day Oil Summary: Crude Falls

OIL
BulletEnergy BulletsCommodities

Crude markets have extended their decline today following a sharp fall on Monday after reports that OPEC+ will go ahead with its planned output hike in April, counter to market expectations. The impact of US tariffs and retaliatory measures on global demand is also weighing on prices. 

  • WTI APR 25 down 1.3% at 67.48$/bbl
  • Brent MAY 25 down 1.6% at 70.48$/bbl
  • An additional 10% US tariff was imposed on China today with retaliatory measures against US agriculture. The 25% tariff will go on imports from Mexico and Canada today. The US will impose 10% on Canadian energy imports, including oil.
  • Canada has responded with 25% tariffs on around C$30bn of US goods initially followed by C$125bn in three weeks. Ontario is threatening to stop energy and critical mineral shipments to the US.
  • OPEC signalled it will proceed with its planned output hike of 138k b/d in April amid healthy market fundamentals and positive market outlook. The gradual increase may be paused or reversed subject to market conditions, OPEC added.
  • Any progress towards peace in the Russia-Ukraine conflict could lead to sanctions relief for Russia. President Donald Trump paused all U.S. military aid to Ukraine following the clash with President Zelenskiy last week.
  • Goldman Sachs see downside risks to oil price forecasts from higher than expected OPEC+ supply and softer demand while Citi see Brent falling to $60 - 65/bbl over 6-12 months.
  • China’s oil demand as not yet peaked, with strong petrochemicals consumption outweighing declines in gasoline and diesel, according to Sinopec’s chairman, cited by Bloomberg.
  • Kazakhstan plans to increase oil exports via the Caspian Pipeline Consortium (CPC) pipeline to 6.7 million metric tons in March – up from 5.4mn tons in February the Energy Ministry said to Reuters.
282 words

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.

Crude markets have extended their decline today following a sharp fall on Monday after reports that OPEC+ will go ahead with its planned output hike in April, counter to market expectations. The impact of US tariffs and retaliatory measures on global demand is also weighing on prices. 

  • WTI APR 25 down 1.3% at 67.48$/bbl
  • Brent MAY 25 down 1.6% at 70.48$/bbl
  • An additional 10% US tariff was imposed on China today with retaliatory measures against US agriculture. The 25% tariff will go on imports from Mexico and Canada today. The US will impose 10% on Canadian energy imports, including oil.
  • Canada has responded with 25% tariffs on around C$30bn of US goods initially followed by C$125bn in three weeks. Ontario is threatening to stop energy and critical mineral shipments to the US.
  • OPEC signalled it will proceed with its planned output hike of 138k b/d in April amid healthy market fundamentals and positive market outlook. The gradual increase may be paused or reversed subject to market conditions, OPEC added.
  • Any progress towards peace in the Russia-Ukraine conflict could lead to sanctions relief for Russia. President Donald Trump paused all U.S. military aid to Ukraine following the clash with President Zelenskiy last week.
  • Goldman Sachs see downside risks to oil price forecasts from higher than expected OPEC+ supply and softer demand while Citi see Brent falling to $60 - 65/bbl over 6-12 months.
  • China’s oil demand as not yet peaked, with strong petrochemicals consumption outweighing declines in gasoline and diesel, according to Sinopec’s chairman, cited by Bloomberg.
  • Kazakhstan plans to increase oil exports via the Caspian Pipeline Consortium (CPC) pipeline to 6.7 million metric tons in March – up from 5.4mn tons in February the Energy Ministry said to Reuters.