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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.
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Free AccessOil Prices Up Slightly On More Optimistic Chinese Demand Outlook
MNI (Australia) - Oil prices are up 0.5% during the session after two days of weakness, but have been trading in a very narrow range of less than a dollar. The DXY is flat. News of further easing of Covid-related restrictions in China boosted crude on hopes of increased demand.
- WTI is trading around $77.35/bbl after reaching a high of $77.88 and a low of $77.26. It broke support of $78.40 overnight and the next level to watch is $73.38. Brent is around $83.10 after a high of $83.68 and low of $83.08.
- The market is assessing how the oil price cap on Russia will impact supply over the long term. Apart from some ships stranded near Turkey, there has so far been minimal disruption, according to Bloomberg. Currently the price cap of $60/bbl is above where Urals crude prices are and while that continues, the cap is unlikely to have much impact.
- Time spreads suggest that near-term supply is unproblematic.
- With the Fed in blackout, there is little going on overnight. The only data of note is the US trade balance for October and the API inventory data.
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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.