FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: BAck From Highs As Libya Ramps Up Production & Israeli Response Awaited

OIL
EM BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

The rally in oil stalls, with both WTI & Brent printing ~$1.50 below session highs before regaining some poise.

  • Timing of the pullback syncs up with BBG sources pointing to Libyan crude oil topping 1mln bpd for the first time in two months.
  • It looks like those headlines helped limit the rally, with a clearer estimate of the widely expected production ramp up now available.
  • Our commodities team also notes that the lack of meaningful Israeli escalation against Iran is limiting the bid at present, after worry surrounding such escalation drove the rally seen in recent sessions/this morning.
95 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.

The rally in oil stalls, with both WTI & Brent printing ~$1.50 below session highs before regaining some poise.

  • Timing of the pullback syncs up with BBG sources pointing to Libyan crude oil topping 1mln bpd for the first time in two months.
  • It looks like those headlines helped limit the rally, with a clearer estimate of the widely expected production ramp up now available.
  • Our commodities team also notes that the lack of meaningful Israeli escalation against Iran is limiting the bid at present, after worry surrounding such escalation drove the rally seen in recent sessions/this morning.