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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.
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Free AccessMNI BRIEF: Japan Q3 GDP To Be Slightly Revised Down
Oil is higher in Asia-Pac trade, WTI last up....>
OIL: Oil is higher in Asia-Pac trade, WTI last up $0.65 at $66.26, Brent is up
$0.47 at $71.00 - breaking above the $71 handle to hit the highest level since
December 2014.
- Oil gained sharply yesterday after DoE inventories showed a headline crude
stock pile decline of 1.07mln bbls for the 10th consecutive week of drawdowns
taking stocks below their 5-Year average. US stocks are now around 411mln bbls,
below the 5-Year average of 420mln bbls.
- Oil is also boosted by broad dollar weakness after US Tsy Sec Mnuchin said
that a weaker dollar was a good thing as it provided trade opportunities.
- There was speculation among oil investors that over $70/bbl Brent is a more
attractive prospect for oil companies and could see a surge in activity,
potentially increasing production from already elevated levels and reversing the
recent decline in crude stocks.
- MNI technical analysis sees WTI support at $65.81 - Bollinger band top,
resistance is seen at $69.54 - High Dec 1 2014.
To read the full story
Sign up now for free trial access to this content.
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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.