MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

BOC WILL BE CONSDIERING FURTHER RATE CUTS

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 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 Set For More Than 50% Gain In 2021

COMMODITIES
  • Crude oil futures have slipped to the lows of the weekly range since the Dec 27 rally, seemingly on potential risk trimming in light of any material headlines.
  • WTI is -1.9% at $75.6 but still up 2.3% on the week, 14% on the month and 56% on the year (Brent up 51%), the largest annual gain since 2009.
  • It is back below the 50-day EMA of $76.26. There could be support at $72.57 (Dec 27 low) after which it’s $68.56 (Dec 21 low). Initial resistance is today’s earlier high of $77.08 and then $77.44 where this week’s rally has stalled (76.4% retracement of the Oct-Dec downleg).
  • Brent is -1.7% at $78.2, with support at $73.62 (Dec 22 low) and initial resistance at $80.17 (Dec 29 high).
  • OPEC+ meets on Tuesday and is likely to stick to existing plans and confirm a 400kbpd output increase for Feb according to four sources per Reuters yesterday.
  • Gold meanwhile is finishing the year on a solid note, +0.7% at $1826, breaking earlier highs of $1820.3 and opening $1830, the 61.8% retracement of the Nov 16 - Dec 15 downleg.
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.