Free Trial

Oil Well Bid, Brent-WTI Spread Opens

COMMODITIES

Both WTI and Brent crude oil futures resumed their uptrend Tuesday, with both contracts notching up gains of 1% or more. A gap opened in the Brent-WTI spread, correcting some of the tightening evident since the beginning of 2021.

Oil resuming the recent rally came on the back of broad USD weakness and a general risk-on theme across asset classes, as markets welcomed the incoming US Treasury Secretary's pledge to 'act big' on COVID-19 stimulus.

The oil gains came despite the IEA's outlook report cutting their estimates for Q1 oil demand - although these headlines were countered by a more positive outlook for the market later in 2021.

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.