MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Oil Prices Edge Up On Continued Supply Fears

COMMODITIES
  • Crude oil prices have edged up today amidst geopolitical tension with the US deploying troops to Eastern Europe and OPEC+ announcing a planned output rise in line with expectations.
  • OPEC+ agreed to raise production another 400kbpd in March. Supply side fears remain though, with spare capacity seen now largely confined to Saudi Arabia, the UAE, Iraq and Kuwait.
  • JPM’s Head of Commodities Strategy said oil could hit $120/bbl if geopolitical risks escalate.
  • WTI is up +0.1% at $88.30, having earlier cleared resistance at $88.87 (Jan 28 high) before retracing.
  • On a busy day, the most active strikes in the H2 contract have been $81/bbl puts.
  • Brent is +0.4% at $89.55, with a similar move clearing the Jan 28 high of $90.27 and getting close to second resistance at $90.69 (2.00 proj of the Dec 2-9-20 price swing).
  • Gold meanwhile continued to edge up 0.3% to $1806.4, remaining comfortably between resistance of $1822.2 (Jan 27 high) and support of $1780.4 (Jan 28 low).
Energy BulletsCommodities
Energy BulletsCommodities

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.