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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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Free AccessMNI China Daily Summary: Wednesday, March 12
MNI BRIEF: EU Targets Retaliation Tariffs On US Red States
MNI BRIEF: EU Working On New Trade Retaliation Steps Vs US
OIL: Oil Consolidates Gains Following US Sanctions News.
- As President Biden approaches the end of his term, it appears that one of his last actions may be targeted at Russian oil.
- It is believed that Biden’s team are looking at further restrictions to impact the flow of Russian oil, a move that the President has avoided in the past for fear of a spike in energy costs.
- However, with the current OPEC+ oversupply issues, the market seems able to withstand possible sanctions should they come to pass.
- Prices did rise on the news with WTI steadily rising throughout the US trading day to break through the US$70/bl mark, closing at $70.29 where it has stayed at all day in Asian trading.
- Brent maintained a positive bias throughout the US trading day also reaching a high just prior to US close of US$73.75, before closing at $73.52. It rose marginally through the Asian trading day to $73.59.
- OPEC+ released its forecasts for the full year 2024 and projections for next year for oil demand, with both seeing major downward revisions.
To read the full story
Sign up now for free trial access to this content.
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.