© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: Fed’s Bullard-Supported Hike, Doesn’t See Recession

MNI BRIEF: US April Jobs Beats Expectations; Jobless Rate Dips

MNI: Canada Job Market Stays Hot In April, Wages Top BOC Wish

EZ/UK T-Bill Calendar: 3/6-Month BuBill Auction on Monday

MNI: US MAR CONSUMER CREDIT +$26.5B

MNI DATA FORECASTS: US CPI In Market's Eye

MNI BRIEF: BOC Defends 2% Target, Senate Asks About Raising It

MNI INTERVIEW: Canada Budget Keeps BOC On Pause: Ex Official

MNI BRIEF: FDIC To Conduct Review Of Deposit Insurance

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

Oil Prices Lower On Risk Off Move

OIL
HomepageCommoditiesEnergy BulletsBulletMarketsFixed Income NewsForeign Exchange News

Oil prices were lower on Monday with Brent down 2.4% to $80.78/bbl and WTI -2.6% to $74.65. Crude recovered from the lows of $78.34 and $72.30 respectively as Fed tightening expectations eased. Oil was weaker following US banking troubles as risk sentiment deteriorated and demand projections were revised given the possible impact on growth. The USD fell 0.7% on lower US yields.

  • WTI’s low of $72.30 now forms initial support and Brent’s at $78.41.
  • On the supply side, Russia is reported to have over 4mn barrels of diesel stored on tankers in the wake of EU sanctions (ANZ). And US President Biden has approved a controversial oil project in northwest Alaska worth $8bn.
  • Later today the OPEC monthly oil report is published and US API inventory data.
127 words

To read the full story

Why Subscribe to

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 prices were lower on Monday with Brent down 2.4% to $80.78/bbl and WTI -2.6% to $74.65. Crude recovered from the lows of $78.34 and $72.30 respectively as Fed tightening expectations eased. Oil was weaker following US banking troubles as risk sentiment deteriorated and demand projections were revised given the possible impact on growth. The USD fell 0.7% on lower US yields.

  • WTI’s low of $72.30 now forms initial support and Brent’s at $78.41.
  • On the supply side, Russia is reported to have over 4mn barrels of diesel stored on tankers in the wake of EU sanctions (ANZ). And US President Biden has approved a controversial oil project in northwest Alaska worth $8bn.
  • Later today the OPEC monthly oil report is published and US API inventory data.