Free Trial

WTI, Brent Lower on Price Action Hangover

COMMODITIES
  • Major oil benchmarks trade lower ahead of NY hours Wednesday, with WTI and Brent off around 1% as downward pressure carries over from Tuesday's sell-off and a rebounding greenback. News yesterday that the House Judiciary Committee had advanced the so-called 'NOPEC' bill continues to exert influence, with yesterday's lows in WTI at $61.50/bbl a key level headed into today's DoE crude oil inventories data. Markets expect a draw of over 3mln bbls at today's release.
  • Both spot gold and silver are broadly unchanged, keeping the technical picture in tact for now. Gold eyes weekly highs at $1790.14 for direction.

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.