MNI BRIEF: Powell Says US Is 'Far' From Fiscal Dominance

MNI BRIEF: US Firms Wary of Tariff-Related Inflation - Fed

MNI: US NOV FINAL SRVCS PMI 56.1 (FLASH 57.0); OCT 55.0

MNI NBP WATCH: Rates Held, Outlook Unchanged

MNI BRIEF: Barkin Aims For 'Somewhat Restrictive' Fed Rates

MNI China Daily Summary: Wednesday, Dec 4

EZ/UK Bond Supply Calendar: Spain, France Auction, UK Tender

US EIA: CRUDE OIL STOCKS EX SPR -5.07M TO 423.4M NOV 29 WK

MNI: US ISM NOV SERVICES COMPOSITE INDEX 52.1

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: Crude Surges on Increased Risk of Middle East Escalation

OIL
BulletEnergy BulletsCommodities

Crude surges through the high of the week as the market prices in an increased risk of supply disruption from the Middle East. 

  • Markets have reacted to headlines on twitter from an Axios reporter that “Senior White House Official tells me: “The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel."
  • Technicals show Brent resistance at the 50 day EMA of $75.21/bbl and WTI at $71.77/bbl.
  • Earlier today crude was lower due to oversupply risks from current OPEC+ plans to increase supply in December and the prospect of returning barrels from Libya.
    • Brent DEC 24 up 1.6% at 72.84$/bbl
    • WTI NOV 24 up 1.8% at 69.37$/bbl
    • Brent DEC 24-JAN 25 up 0.08$/bbl at 0.32$/bbl
    • Brent DEC 24-DEC 25 up 0.19$/bbl at 1.19$/bbl
124 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.

Crude surges through the high of the week as the market prices in an increased risk of supply disruption from the Middle East. 

  • Markets have reacted to headlines on twitter from an Axios reporter that “Senior White House Official tells me: “The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel."
  • Technicals show Brent resistance at the 50 day EMA of $75.21/bbl and WTI at $71.77/bbl.
  • Earlier today crude was lower due to oversupply risks from current OPEC+ plans to increase supply in December and the prospect of returning barrels from Libya.
    • Brent DEC 24 up 1.6% at 72.84$/bbl
    • WTI NOV 24 up 1.8% at 69.37$/bbl
    • Brent DEC 24-JAN 25 up 0.08$/bbl at 0.32$/bbl
    • Brent DEC 24-DEC 25 up 0.19$/bbl at 1.19$/bbl