Free Trial

Oil has edged back from settlement levels.......>

OIL: Oil has edged back from settlement levels overnight, with Brent & WTI both
~$0.50 lower at writing.
- This comes after crude drew support from comments made by Saudi Energy
Minister Al-Falih on Wednesday, as he failed to rule out further additional
OPEC+ production cuts if required. The soothing Fed rhetoric, ensuing softer USD
& optimism re: U.S.-China trade relations (that faded a touch in Asian hours)
also lent support Wednesday.
- Worth highlighting that the latest weekly DoE inventory data, released
Wednesday, revealed a smaller than expected headline draw in crude stocks, while
distillate and gasoline stocks exhibited larger than expected builds (with a
degree of seasonality factored into the product builds).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



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.