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Won Rallies More than 1%

JGBS AUCTION

Japanese MOF sells Y4.7714tn 3-Month Bills:

JGBS

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OIL
OIL: Oil took a hit from the broader risk off flows observed overnight, with WTI
last trading ~$0.55 lower at $52.35, after briefly threatening to break $52.00.
- Focus remains on Vienna, with the official OPEC meeting set to get underway
today. The latest reports suggest that the majority of the OPEC+ nations are
on-board regarding an output cut (even the currently excluded Libya & Nigeria),
although Iran refuses to co-operate while it remains under U.S. sanctions. That
being said, underlying tension in the group remains, with no clear baseline or
quota outline noted as of yet, this ultimately weighed on oil Wednesday, leading
to an unwind of the early bid. Reports have pointed to a late-night meeting
between OPEC members on Wednesday to come to a workable agreement.
- Elsewhere the DoE weekly inventory data will hit today, with the median
estimate looking for a ~1.6mn bbl drawdown in headline crude stocks.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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