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Free AccessOil Slides On Demand Concerns, Gold Hit By FOMC Minutes
- Crude oil sees a more meaningful decline, based on weak demand against a backdrop of further hawkish Fed repricing seen in recent days, plus also healthy supplies despite a strong US refinery maintenance season. Russian oil output has remained stronger than expected so far following EU and G7 sanctions which came into effect on 5 Dec for crude and 5 Feb for products.
- The US-centric nature of demand concerns plus small SPR release expected this year is driving WTI lower compared to brent with the spread earlier hitting lows this month at -$6.76/bbl.
- WTI is -3.3% at $73.83 with losses potentially increased further with the clearance of support at $75.32 (Feb 17 low) to open $72.25 (Feb 6 low).
- Brent is -3.1% at $80.47, through support at $81.80 (Feb 16 low) to open $79.10 (Feb 6 low).
- Gold is -0.6% at $1824.65, sliding later in the session on renewed USD strength after the FOMC minutes, but for now remaining off support at $1819.0 (Feb 17 low).
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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.