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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.
COMMODITIES
- In the past year, momentum on oil prices has been firm, mostly driven by the liquidity injection from central banks, the supply shortages and the investment forces (investors use oil as the best ‘inflation hedge').
- However, the rising Covid uncertainty in recent weeks combined with the discovery of the new variant Omicron has resulted in significant consolidation in oil prices.
- WTI front month futures contract is down over 10% since Thursday, and found support slightly below its 200DMA at 69.81 on Friday.
- Selling pressures could remain elevated in the near term as more and more countries impose travel bans to prevent the spread of the virus.
- Next support to watch on the downside stands at 65.63, which represents the 38.2% Fibo retracement of the 33.64 – 85.41 range.
- On the topside, first resistance to watch stands at 74.36 (100DMA).
Source: Bloomberg/MNI
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.
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