Free Trial

Oil Rally Peters Out, Metals Flat

COMMODITIES

Having hit new highs in Asia-Pacific trade, the fearsome oil rally over the past few months has petered out slightly ahead of the COMEX open later today. WTI hit $53.95 in early Asia-Pac trade, while Brent futures touched $57.42 and faded from there. Markets watch today's DoE crude oil inventory numbers for direction, with consensus looking for a draw of around 2mln barrels from headline crude stocks.

Precious metals are broadly flat - spot gold remains pinned between the two directional parameters of the $1866.84 50-dma and the $1841.76 200-dma to the downside.

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.