Free Trial

Oil is is slightly lower in the Asia-Pac........>

OIL
OIL: Oil is is slightly lower in the Asia-Pac region, WTI is down around $0.15
at $47.68 having seen a tight range. WTI rose slightly on Tuesday after the
sharp drop on Monday. Oil dropped slightly after the API inventories were
released despite the 3.6mln bbl headline crude decline.
- Oil has been pressured by news of the Sharara oil field pipeline reopening,
the largest field in Libya supplies around 250k BPD.
- Oil markets will watch signs of intent from OPEC after the ministerial
committee said they would hold a meeting on the output cut on September 22 (data
could be subject to revision).
- MNI technical analysis sees support at $50.96 - Low Aug 21, $51.93 - High Aug
22.The recovery from ahead of the 55-DMA ($49.70) appears to have stalled with
closes below $51.98 easing bullish pressure and seeing focus back on
$49.70-50.42 where the 55-DMA and bull channel base are situated.

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.