MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

CHINA PBOC CONDUCTS CNY59 BILLION VIA 7-DAY REVERSE REPOS FRI

UK Public Sector Finance Also Due at 7:00 BST

Retail Sales due at 7:00BST

Asia Sovs Steady, Philippines BoP Swings To Deficit

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 Lower On Hopes Of Gaza Ceasefire

OIL
HomepageCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Increased pressure on Israel from the US for a truce in Gaza and hostage deal has seen oil prices fall during the session as the geopolitical risk premium unwinds. The stronger greenback also weighed on crude earlier but when the USD index came off its high oil prices troughed. The USD index is down 0.2% driven by the yen rebound.

  • WTI is down 0.8% to $83.21/bbl above support at $81.03. It fell to a low of $82.96 but breaks below $83 have been short lived. Brent is 0.8% lower at $87.54/bbl after a low of $87.31, above support at $85.88.
  • US secretary of state Blinken has just arrived in Saudi Arabia for Gaza ceasefire talks. The US has said that Israel will delay a Rafah offensive until it has met with Blinken.
  • Today the April Dallas Fed manufacturing, European Commission April survey and preliminary April German CPI data print. The ECB’s de Guindos speaks later. The focus of the week will be on Wednesday Fed announcement and Friday’s April payrolls to gauge the rate outlook and thus oil demand prospects.
179 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.

Increased pressure on Israel from the US for a truce in Gaza and hostage deal has seen oil prices fall during the session as the geopolitical risk premium unwinds. The stronger greenback also weighed on crude earlier but when the USD index came off its high oil prices troughed. The USD index is down 0.2% driven by the yen rebound.

  • WTI is down 0.8% to $83.21/bbl above support at $81.03. It fell to a low of $82.96 but breaks below $83 have been short lived. Brent is 0.8% lower at $87.54/bbl after a low of $87.31, above support at $85.88.
  • US secretary of state Blinken has just arrived in Saudi Arabia for Gaza ceasefire talks. The US has said that Israel will delay a Rafah offensive until it has met with Blinken.
  • Today the April Dallas Fed manufacturing, European Commission April survey and preliminary April German CPI data print. The ECB’s de Guindos speaks later. The focus of the week will be on Wednesday Fed announcement and Friday’s April payrolls to gauge the rate outlook and thus oil demand prospects.