BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Oil Sells Off On Report Israeli Response Will Focus On Military Targets

OIL
EM BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Oil sells off on the previously covered tweet from a Times of Israel reporter suggesting that Israel’s response to Iran’s ballistic missile attack "will likely focus on military targets”, although the reporter also noted that “could still change."

  • Underlying market concern surrounding a supply surplus/returning OPEC supply provides background headwinds, beyond the wildcard of geopolitical tension centred on the Middle East.
  • The bid in the USD also weighs.
  • Both benchmarks are the best part of $1.50 lower on the day.
  • Initial supports in the major benchmarks come in at the 20-day EMAs (74.89 for Brent & $71.41 for WTI), less than $1 below prevailing levels.
101 words

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.

Oil sells off on the previously covered tweet from a Times of Israel reporter suggesting that Israel’s response to Iran’s ballistic missile attack "will likely focus on military targets”, although the reporter also noted that “could still change."

  • Underlying market concern surrounding a supply surplus/returning OPEC supply provides background headwinds, beyond the wildcard of geopolitical tension centred on the Middle East.
  • The bid in the USD also weighs.
  • Both benchmarks are the best part of $1.50 lower on the day.
  • Initial supports in the major benchmarks come in at the 20-day EMAs (74.89 for Brent & $71.41 for WTI), less than $1 below prevailing levels.