Free Trial

Oil Slips For Second Session

COMMODITIES
  • WTI and Brent crude futures sank for a second session Wednesday, opening a decent gap with the OPEC+-inspired cycle highs printed earlier in the week. The downtick accelerated slightly, with markets appearing to speculate that extended discord among OPEC+ members could dent curb compliance, providing a short spell of increased supply in the near-term.
  • The DoE Crude Oil Inventories were delayed a day due to Monday's July 4th public holiday, and will take focus Thursday. Markets expect a draw of around 4.5mln bbls.
  • Trade in gold and silver was more muted, with the yellow metal trading wholly inside the Tuesday range to keep the directional parameters unchanged. Gold targets $1815/oz on the way higher, with the 100-dma at $1789.7 providing some support.

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.