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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
Nudging Higher, Middle East Tensions Remain In Focus
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.
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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.