MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

EZ/UK T-Bill Calendar: Belgium Nov 7, 2024 Short TC Due Tuesday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Tuesday

BoE Data Watch

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Falls On Renewed China Demand Fears

COMMODITIES
  • Oil prices have slid ~2.5% today as a return of China lockdown fears weighs on demand (Beijing asking city residents not to leave unnecessarily, postponing of school re-opening) against little further news on the EU’s push to ban Russian oil imports.
  • Prices softened further after WSJ headlines that the CIA chief met with the Saudi Crown Prince last month in a bit to mend ties.
  • WTI is -2.7% at $102.39 but doesn’t yet trouble support at $99.8 (Apr 27 low) whilst resistance is eyed at triangle resistance of $109.2.
  • On a light day for volumes, the most active strikes have been $90/bbl and $85/bbl puts.
  • Brent is -2.4% at $105.00, again not troubling support at $99.25 (Apr 25 low).
  • Gold prices recover only marginally after sliding yesterday, hurt more recently by a renewed pricing in of Fed hikes. Up +0.25% at $1867.61, it is considered still vulnerable, with support at $1854.7 (May 2 low) and initial resistance at $1900.0 (May 2 high).
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.