MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

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 Holds Onto Recent Rally Ahead of OPEC+

COMMODITIES
  • Crude oil futures are mixed today, with WTI up 0.4% but Brent flat, on an day when both equities and USTs have rallied.
  • OPEC+ is likely to stick to existing plans at the Jan 4 meeting and confirm the 400kbpd output increase for Feb according to four sources per Reuters.
  • WTI is +0.4% at $76.9, holding onto the recent rally on the penultimate trading day of the year and with increases across the curve.
  • In a day of low volumes, by far the most active strikes for the Feb’22 contract have been $80/bbl and $85/bbl calls.
  • Initial resistance is seen at $77.37 (Dec 29 high) having stalled at the 76.4% retracement of the Oct-Dec down leg of $77.44. Support is seen at $68.56 (Dec 21 low).
  • Brent is -0.1% at $79.1, with initial resistance at $80.17 (Dec 29 high) and support materially lower at $73.62 (Dec 22 low).
  • Separately, gold is +0.5% at $1813.7 with attention on resistance at $1820.3 (Dec 29 high) and support at $1773.9, the channel base.
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.