Free Trial

Stable In Asia After Pullback From Cycle Highs

OIL

WTI & Brent crude futures sit ~$0.20 & ~$0.30 above their respective settlement levels, with the mild risk positive backdrop (outlined elsewhere) providing light support for the space in Asia-Pac hours. This comes after a sharp pullback from fresh cycle highs on Monday, following news that Iran and the EU will meet in Brussels on Wednesday, with the goal of the meeting being to open the way to a wider push to revive the 2015 Iranian nuclear accord. This applied pressure to the space after the latest leg of bullish price action came on the back of OPEC+ rhetoric that we outlined previously (Russia added to that particular line of mood music on Monday). The benchmark futures curves remain in a deep state of backwardation. API crude inventory estimates headline on Tuesday.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.