Free Trial

Resumes Move Lower

OIL

Crude futures are under pressure in Asia, extended Friday's move lower. Both benchmarks head into European trade nursing losses of over 1%. Markets continue to digest news that Saudi Arabia will cut oil prices for sales to Asia next month by more than double the expected amount days after OPEC agreed to go ahead with production increases. The price cut is expected to spark price competition among producers. WTI sees support at $67.12/65.41 - Low Aug 25 / Low Aug 24, while Brent has support at $70.42 - Low Sep 1. WTI/Brent spreads have narrowed slightly after hitting the widest levels of 2021 last week.

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.