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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.
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Free AccessOil is flat in Asia, but holding gains made.....>
OIL: Oil is flat in Asia, but holding gains made on Friday. WTI is last up $0.07
at $57.37, Brent is up $0.13 at $63.36. Oil got an extra boost in the US
afternoon on Friday after the Baker Hughes US Rig Count data, drillers reduced
the headline oil rig count to 747 last week the first reduction in a month.
Brent is still supported by the closure of the North Sea Forties pipeline.
- Trade is expected to be quiet this week heading into Christmas with volume
around 50% of contract average, so far in December WTI is flat, but up 6.91% for
the year, which puts it on track for the second successive annual gain. The
January WTI contract (CLF8) expires Tuesday.
- CFTC data on Frtiday showed that longs in WTI were cut by 0.4% in the latest
week, while longs rose 1.8% to a record high.
- MNI technical analysis sees WTI support at $56.99 - Hourly support Dec 15,
resistance is seen at $57.51 - High Dec 15. Bulls still need a close above
$57.98 to reconfirm initial focus on $58.60-58.99 with a break targeting channel
tops.
To read the full story
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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.