Free Trial

Oil is slightly lower in Asia-Pac trade, WTI....>

OIL: Oil is slightly lower in Asia-Pac trade, WTI last down $0.21 at $63.59,
Brent is down $0.01 at $69.25. Oil is broadly flat compared to the Thursday open
but has come off highs around $64.77, prices dipped in the afternoon in US trade
after Brent rose above $70/bbl for the first time in 3-Years which prompted some
profit taking.
- Overnight reports that US President Trump to extend sanctions relief to Iran
weighed on oil, the decision will be announced in the US on Friday morning.
- MNI technical analaysis sees WTI support at $63.09 - Hourly resistance Jan 9
now support, resistance is seen at $64.15 - Hourly support Jan 11 now
resistance.  The contract took its first backward step for 2018 with a lack of
follow through on fresh 2018 & 3+yr highs. When combined with daily studies
overdue a correction it increases the correction risk. The $61.09-63.09 support
region is key. Bears need a close below $62.56 to ease bullish pressure and
below $61.09 to shift focus back to $58.60-60.08 where the bull channel base and
21-DMA are situated.

To read the full story

Why Subscribe to


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.