Free Trial

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

OIL
OIL: Oil is slightly lower in Asia-Pac, WTI last down $0.08 at $48.68, but still
holding decent gains made on Wednesday post DoE inventory data. Oil has
performed well this week, rising from around $45.50 since Monday and currently
sit just below the highest levels in 2-months.
- DoE data showed that headline crude stocks fell 7.208mln bbls in the latest
week, compared to expectations of a 3.125mln bbl decline. The breakdown of the
data was also bullish, with Cushing, gasoline and distillate also seeing
declines.
- A weaker US dollar following the FOMC should also support oil prices. 
- Markets will now look ahead to Baker Hughes US Rig Count data on Friday after
a suggestion from several oil market players, including the Halliburton CEO,
that drilling activity could begin to fall.
- MNI technical analysis sees support at $48.44 hourly support July 25,
resistance is seen at $48.87 high July 26.

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.