MNI: ECB CUTS KEY DEPOSIT RATE BY 25 BP TO 3.0%

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

MNI China Daily Summary: Thursday, December 12

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

MNI: CANADIAN OCT BUILDING PERMITS -3.1% MOM

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 Brushes Off CPI Beat, Inventory Build

COMMODITIES
  • Crude oil has seen a mixed session, first falling on rampant US CPI as yields spiked before bouncing for solid session gains after a reasonable retracement in yields and the dollar subsequently weakening.
  • The increase comes despite a much larger than expected build in US crude inventories in EIA data (9.9mln vs 1.4mln expected).
  • Biden says he'll address gasoline prices next week.
  • WTI is +2.1% at $89.13 off a low of $85.56 that cleared the 20-day EMA of $86.25 and next open $84.94 (50% retrace of Sep 26 – Oct 10 rally) before the sharp reversal that leaves it closer to prior resistance at $91.35 (Aug 11 high).
  • Brent is +2.3% at $94.59 off a low of $91.08 that remained above the 20-day EMA of $90.59 (50% retrace of the same swing) that remains support.
  • Gold is -0.35% at $1667.43 having cleared support at $1659.7 (Oct 3 low) before bouncing, opening the bear trigger of $1615.0 (Sep 28 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.