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Free AccessRebounds In Line With Broader Risk Appetite
Brent crude has spent much of the session on the front foot, up +0.77% so far. This is line with a firmer tone to broader risk appetite, led by China related equities. This puts us back above $95.30/bbl, with highs near $95.50/bbl for the session. Broadly, dips remain supported in Brent, although we can't break out of the 50-day ($92.79) to 100-day ($98.22) MA ranges for now. WTI is back above $88.80, +0.75% for the session.
- Earlier, Reuters reported that the G7 had agreed to a fixed price (rather than floating) when they finalize a price cap for Russia later this month. The UK Treasury stated it won't allow insurance services for oil shipped from Russia unless the price is at or below the cap (when it comes into effect in December).
- President Biden also reiterated earlier calls for oil/energy companies to invest more in the US or risk paying higher taxes.
- Elsewhere, Saudi Arabia announced it was lowering a key oil benchmark price for Asia customers for December delivery. The Arab Light grade will be set at $5.45/bbl above the regional benchmark, a 40 cents reduction. A softer demand backdrop for the region is being cited as the driver of this result. oil
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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.