FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Oil Prices Weighed Down By Covid Restrictions In China

OIL

Oil prices are down again today, as news of new Covid restrictions in China boosted the USD and reinforced Friday’s crude demand concerns. WTI and Brent are currently down around 1% from the NY close after ending last week sharply lower.

  • Oil prices remain in narrow ranges. WTI crude is off of its intraday low of $79.18 and trading under $80/bbl at $79.20 after reaching a high of $80.30 earlier. Brent is also off its low of $86.40 at around $86.75. It reached a high of almost $88 earlier in the session.
  • Winter oil demand has so far been declining, despite the impending European sanctions against Russian oil. (ANZ)
  • Goldman Sachs also reduced its oil price forecasts for Q4 by $10/bbl, now expecting Brent to rise to only $100. The revision was principally due to the prospect of further Covid restrictions in China.
  • The only events of note tonight are BoE’s Cunliffe speech and the Chicago Fed’s November National Activity Index.
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.