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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 US Inflation Insight: Softer Housing Helps Ensure Dec Cut
MNI INTERVIEW2: Poland To Push For EU Defence Fund
Oil Offered as Biden/Xi Threat Continues to Weigh on Prices
- WTI and Brent crude futures have extended weakness initially triggered on Tuesday as markets eyed speculation that Xi and Biden could coordinate to act against high energy prices globally. This was compounded by the weekly DoE inventories data, which showed a sizeable draw from the SPR of just over 3mln bbls.
- WTI has slipped through the Wednesday lows, printing down at $77.08 for the Dec-21 contract. This puts prices at the lowest levels since early October as the previously bullish condition unwinds. $76.13 marks the first key support, the 38.2% retracement of the Aug 23-Oct 25 rally.
- Gold remains bullish. Prices rallied sharply higher last week resulting in a clear break of resistance at $1834.0, Sep 3 high. The breach of this hurdle reinforces current bullish conditions and paves the way for further strength near-term. Note too that gold has also breached $1863.3, 76.4% of the Jun - Aug sell-off.
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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.