RBNZ SAYS MPC CONFIDENT OCR IS RESTRICTIVE

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Injects CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0959 Weds; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.0959 WEDS VS 7.0956

MNI BRIEF: Japan Mar CGPI Rises 0.8% Y/Y, Higher Import Prices

MNI: JAPAN MAR CORP GOODS PRICE INDEX +0.8% Y/Y; FEB REV +0.7%

US Treasury Auction Calendar

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

Prices Higher On China Hopes, Steady OPEC+ Output, More Sanctions On Russia

OIL

MNI (Australia) - Oil prices have risen today by around 1% after falling during NY trading on Friday. WTI is now over the $80 mark at around $80.80/bbl after reaching a high of $81.84 earlier and Brent is about $86.50 after a high of $87.60. Better global growth sentiment driven by moves from China towards reopening has put downward pressure on the USD (-0.4%) and boosted commodities.

  • WTI oil prices are now just above the 10-day simple MA. Bearish activity would resume at $73.60. Key resistance is at $89.35, 50-day EMA, and a clear break would change the trend.
  • OPEC+ confirmed its previously announced output cut of 2mbd at its meeting on the weekend but didn’t increase it as markets had feared earlier last week.
  • The G7 oil price cap of $60/bbl on Russian crude comes into effect today, as well as an EU ban on most imports by sea. The impact of these measures on global supply is uncertain. Russia has said it won’t sell to the countries that have signed up for the cap plus there are large consumers such as China and India that are likely to continue buying Russian oil.
  • Tonight the November PMIs in Europe and the US are released and the US ISM services index prints.
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.