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Free AccessNerves Drive Crude Lower As Waiting For China Stimulus
Oil prices have given up most of last week’s gains and today are down around 1.5% on the generally weaker risk tone in Asia as markets wait for details on any further policy stimulus in China. The USD index is 0.1% higher.
- WTI is down below $71/bbl again and is currently trading around $70.96, close to the intraday low of $70.82. Brent fell below $76 and is now about $75.48, after a low of $75.34.
- WTI futures contracts are continuing to signal that there is plenty of supply currently. Demand remains an issue for the market as the full impact of monetary tightening is yet to be felt and China’s growth forecasts are being revised down. But the IEA and OPEC expect the market to be in deficit in H2 2023.
- There is little on the calendar later with the US closed today.
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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.