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Free AccessOil made its highs of the session yesterday.....>
OIL: Oil made its highs of the session yesterday after the FOMC statement in
which the Fed left its forward guidance unchanged and committed to further asset
purchases. WTI approached, but failed to reach, levels seen on Monday while
Brent's move higher was less pronounced. However, oil failed to hold on to its
gains, beginning to descend just before the press conference started. Then
renewed concerns over increasing Covid-19 numbers in several key US states
helped to push Brent (and to a less extent WTI) to a little above yesterday's
lows at the time of writing.
- As well as the wider macro and risk picture, oil was not helped by increases
in DOE crude oil inventories. Most analysts had expected inventories to fall but
they rose more than the highest estimates of any analyst for an increase. This
follows data the previous day from the American Petroleum Institute that also
showed stockpiles of oil had increased.
- On a technical analysis front, we still see the bull trends intact despite the
pullbacks.
- At writing WTI and Brent are $1.30 and $1.50 lower on the day respectively.
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.