MNI BRIEF: Canada Debt Management Strategy Highlights

CANADA BUDGETS 2024-25 DEFICIT OF CAD39.8B OR 1.3% OF GDP

MNI BRIEF: BOC's Macklem - Inflation Moving In Right Direction

MNI INTERVIEW: IMF's Adrian Warns Of Inflation Risk To Markets

MNI EM China Daily Summary: Tuesday, April 16

MNI BRIEF: Industrial, Service Rebound Buoys China's Q1 GDP

AUDUSD Falls To Fresh 5-Month Low, USDMXN Rises Above 17.00

EZ/UK Bond Supply Calendar: Greece, Italy, UK, Germany Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction Wednesday

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Up Despite OPEC+ Surprise, Supported By Risk-On Sentiment

COMMODITIES
  • Oil futures are up around 1% on the day despite OPEC+ still planning to go ahead with the 400kbpd increase in January after conflicting reports in the build-up. The next meeting is set for Jan 4.
  • Oil had fallen prior to this announcement and saw an immediate sharp drop before rallying back, supported by general risk-on sentiment upon the US opening.
  • WTI is up 1% on the day at $66.25 but remains vulnerable. The Nov 26 breach of support at $74.76 (Nov 22 low) and the subsequent sharp sell-off confirmed a resumption of the downtrend and marked an extension of the current bearish sequence. Next support at $64.43 (Nov 30 low) with resistance at $72.93 (Nov 29 high).
  • Brent is up 0.8% at $69.40 and also remains vulnerable. Attention is on $66.67 next (Aug 24 low) whilst initial firm resistance is seen at $74.35.
  • USD risk tomorrow with non-farm payrolls, at which markets expect another 550k jobs added, knocking another 0.1ppts off the unemployment rate and with solid earnings growth.
  • Against this backdrop, gold is unsurprisingly down -1% at $1764 and is closing in on the base of a bull channel at $1760.4, drawn off the Aug 9 low and an important support.
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.