MNI BRIEF: Aussie Unemployment Rises To 4.1% In April

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1020 Thurs; -3.70% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1020 THURS VS 7.1049

MNI BRIEF: Focus Support For Cutting-Edge Tech - Ministry

Australia Apr Unemployment Rate 4.1%

MNI:AUSTRALIA APR UNEMPLOYMENT RATE +4.1%

MNI JAPAN Q1 REAL GDP -0.5% Q/Q; MNI MEDIAN -0.4%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Nudging Higher, Middle East Tensions Remain In Focus

OIL
EM BulletHomepageCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Brent crude is firmer in the first part of Friday trade, up around 0.60%, largely reversing losses from Thursday's session. We track near $90.25/bbl in recent dealings, which leaves us comfortably within recent ranges, although down on end levels from last week. The active WTI contract was last around $85.65/bbl.

  • No military strikes from Iran or proxies yesterday helped take some of the risk premium out of oil. Reuters also reported that Iran will contain the fallout in its response to Israel (i.e. avoid a major escalation) and that its response will not be hasty (see this link).
  • Still, other new outlets (WSJ) have stated Israel is preparing for a near term attack from Iran and/or it proxies. Market sentiment may be skewed towards not wanting to be short crude as we move towards the weekend, hence today's modest uptick.
  • Elsewhere, OPEC maintained its oil demand growth forecast for 2024 and for 2025 steady, while slightly lowering the non-OPEC supply forecast for this year according to the latest OPEC Monthly Oil Market Report.
  • US officials reportedly met with Venezuelan officials this week, with democratic reforms discussed ahead of deadline around US sanctions on the country's oil industry (see this BBG link). Later on, we hear from the IEA around the global oil balance backdrop.
  • The technical settings for WTI remain unchanged, a bull theme remains intact.
225 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.

Brent crude is firmer in the first part of Friday trade, up around 0.60%, largely reversing losses from Thursday's session. We track near $90.25/bbl in recent dealings, which leaves us comfortably within recent ranges, although down on end levels from last week. The active WTI contract was last around $85.65/bbl.

  • No military strikes from Iran or proxies yesterday helped take some of the risk premium out of oil. Reuters also reported that Iran will contain the fallout in its response to Israel (i.e. avoid a major escalation) and that its response will not be hasty (see this link).
  • Still, other new outlets (WSJ) have stated Israel is preparing for a near term attack from Iran and/or it proxies. Market sentiment may be skewed towards not wanting to be short crude as we move towards the weekend, hence today's modest uptick.
  • Elsewhere, OPEC maintained its oil demand growth forecast for 2024 and for 2025 steady, while slightly lowering the non-OPEC supply forecast for this year according to the latest OPEC Monthly Oil Market Report.
  • US officials reportedly met with Venezuelan officials this week, with democratic reforms discussed ahead of deadline around US sanctions on the country's oil industry (see this BBG link). Later on, we hear from the IEA around the global oil balance backdrop.
  • The technical settings for WTI remain unchanged, a bull theme remains intact.