MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

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 Sees Intraday Bounce On Saudi-Russia Cooperation, Equities Recovering

COMMODITIES
  • Crude oil edges out gains after slides over recent sessions have taken Brent sub $75 and WTI sub $70.
  • Earlier losses following the ECB’s 50bp hike were reversed by headlines that Saudi Arabia and Russia have agreed to enhance market stability. It was further buoyed intraday from the macro backdrop by a recovery in risk sentiment and some modest dollar weakness after the latter surged yesterday on Credit Suisse concerns.
  • WTI is +1.0% at $68.25, with an earlier low of $65.71 coming close to resistance at $65.60 (Dec 3 2021 low cont) before the aforementioned bounce. Resistance is seen at $72.56 (Mar 15 high).
  • After the recent focus on puts, the day’s most active strikes in the CLJ3 are currently in $69/bbl calls with reduced volumes compared to the past few sessions.
  • Brent is +1.2% at $74.58, off a low of $71.91 that came close to yesterday’s low of $71.67. Resistance remains $78.84 (Feb 6 low).
  • Gold is +0.03% at $1919.27, keeping within yesterday’s high of $1937.4 whilst also comfortably above support at $1871.6 (Mar 13 low). The outlook remains bullish with a focus on $1959.7 (Feb 2 high).
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.