MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI: SWEDEN JUN UNEMPLOYMENT 9.4%

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

Japan Tokyo Jul Core CPI +2.2% 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

Middle East Tensions Override USD Headwind For Crude, But Not Gold

COMMODITIES
  • Crude markets found further support today, despite higher-than-expected US CPI data and the resultant USD bid. Continued Middle East tensions amid little hope for a ceasefire in Gaza, coupled with a stable OPEC demand outlooks have added support. The crude time spreads have also rallied on the day after yesterday’s narrowing.
  • OPEC maintained its oil demand growth forecast for 2024 and 2025 steady on the month according to the latest OPEC Monthly Oil Market Report.
  • Global oil demand is expected to grow slower this year by 1.2-1.3mbpd this year, IEA Executive Director, Fatih Birol, said to Bloomberg.
  • The number of tankers that have diverted around southern Africa continues to rise as shippers look to avoid the Red Sea, according to Oil Brokerage.
  • WTI is +1.1% at $77.77, with an earlier high of $78.47 clearing $78.14 (Jan 30 high) to open key resistance at $79.29 (Jan 29 high).
  • Brent is +0.8% at $82.68, with an earlier high of $83.24 clearing support at $82.86 (Jan 30 high) to open key resistance at $84.17 (Jan 29 high).
  • Gold is -1.4% at $1992.44, slumping on the US CPI report to breach a key short-term support at $2001.9 (Jan 17 low) with next firm support seen at $1973.2 (Dec 13 low).
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.