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OIL: Crude Stabilises But Finds Little Support From China Rate Cuts

OIL
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Oil prices have stabilised during APEC trading today after falling almost 2% on Friday but have found little support from China’s LPR cuts. WTI is up 0.4% to $68.94/bbl after a high of $69.03 earlier, and Brent is 0.2% higher at $73.22/bbl after rising to $73.32. Crude markets are currently focused on supply/demand fundamentals but the conflict in the Middle East continues to be monitored closely. The USD index is down slightly.

  • China’s 1-year LPR was reduced 25bp to 3.1% and 5-year to 3.60% - 5bp more than Bloomberg consensus was forecasting. Oil has been concerned for some time about the outlook for China given it is the world’s largest crude importer. It was disappointed with fiscal announcements made this month.
  • The market continues to wait for Israel’s retaliation for Iran’s October 1 attack and Bloomberg is reporting that PM Netanyahu has met with advisors on how Israel should respond.
  • Later the Fed’s Logan, Kashkari, Schmid and Daly speak and the US leading index for September is released. IMF/World Bank meetings are taking place. US PMIs on Thursday are likely the key data for the week.
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Oil prices have stabilised during APEC trading today after falling almost 2% on Friday but have found little support from China’s LPR cuts. WTI is up 0.4% to $68.94/bbl after a high of $69.03 earlier, and Brent is 0.2% higher at $73.22/bbl after rising to $73.32. Crude markets are currently focused on supply/demand fundamentals but the conflict in the Middle East continues to be monitored closely. The USD index is down slightly.

  • China’s 1-year LPR was reduced 25bp to 3.1% and 5-year to 3.60% - 5bp more than Bloomberg consensus was forecasting. Oil has been concerned for some time about the outlook for China given it is the world’s largest crude importer. It was disappointed with fiscal announcements made this month.
  • The market continues to wait for Israel’s retaliation for Iran’s October 1 attack and Bloomberg is reporting that PM Netanyahu has met with advisors on how Israel should respond.
  • Later the Fed’s Logan, Kashkari, Schmid and Daly speak and the US leading index for September is released. IMF/World Bank meetings are taking place. US PMIs on Thursday are likely the key data for the week.