MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Ends A Mixed Week Softer On Accelerated Demand Fears

COMMODITIES
  • Crude oil is ending a mixed week on a soft note, falling further today on the US composite PMI at the lowest levels its been since 2009 outside of the depths of the pandemic, building on mid-week EIA data showing sluggish product demand.
  • Supply concerns from Russia talking of not supplying any country that pursues a price cap and forming its own commodity price benchmark has been partly offset by Libyan production coming back online.
  • Additional US focus has seen WTI underperform Brent, flat on the week vs a 2% gain (both Sep’22 contracts).
  • On the day, WTI is -1.6% at $94.81, floating between resistance at $100.53 (20-day EMA) and support at $91.64 (Jul 15 low).
  • Brent is -0.5% at $103.32, although between resistance at $107.46 (50-day EMA) and support at $98.17 (Jul 15 low).
  • Gold is +0.2% at $1722.92 for +0.8% on a volatile week, seeing a further boost today after yesterday’s surge with on the back of another significant slide in Treasury yields. It currently doesn’t trouble technicals with resistance at $1745.4 (Jul 13 high) and support at $1697.7 (Jul 14 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.