Free Trial

Oil Prices Track Lower

OIL

Oil prices are edging lower ahead of next weekends OPEC+ meeting.

  • A weekend US debt ceiling ‘deal in principle’ has alleviated fears about a default which saw the markets find some traction early on before fading away.
  • This weekend marks the beginning of the summer driving season as Memorial holiday travel prompts higher US vehicle miles and should act as a barometer for US driving demand.
  • As for OPEC+, the Saudi oil minister warned short seller ahead of the meeting, compared to Russia’s Deputy PM Novak who said that quotas were unlikely to change. He subsequently reverted on the comments saying Russia will engage in discussions with partners to determine what is best for the market.
  • Activity in the market is weaker because of US and UK holidays.
  • Brent JUL 23 down -0.8% at 76.32$/bbl
  • WTI JUL 23 down -0.3% at 72.43$/bbl
  • Gasoil JUN 23 down -0.8% at 686.75$/mt
  • WTI-Brent up 0.25$/bbl at -4.01$/bbl

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.