Free Trial

WTI & Brent stuck to tight ranges overnight,....>

OIL
OIL: WTI & Brent stuck to tight ranges overnight, with focus on the OPEC+
meeting scheduled for the weekend.
- This comes after crude fell on Thursday, with WTI entering a bear market, on
course for a 5th consecutive weekly loss as swelling U.S. inventories, OPEC
production, and the waivers granted re: the U.S. sanctions on Iran pressured
prices.
- The space had little reaction to a BBG piece which noted that the Keystone XL
pipeline project has been blocked by the U.S. federal gov't, with TransCanada
needing to wait for further environmental review according to the story.
- Participants will keep an eye on the latest Baker Hughes rig count data ahead
of the aforementioned OPEC+ meeting scheduled for the weekend.
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.