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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.
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Free AccessWTI Briefly July Support, Gold Only Modestly Gains From USD Weakness
- Crude prices have struggled for direction today, mostly consolidating yesterday’s slide although WTI did see a clearance of support at an early July low.
- Iraq has renewed its support for the OPEC+ and commitment to voluntary reduction, Deputy PM for Energy Affairs and Oil Minister Hayyan Abdul Ghani said according to the Iraqi News Agency.
- Chinese crude oil imports fell to 42.45mn tons in November, down from 48.97mn tons in October and the lowest monthly level since April, customs data showed.
- Russian Urals crude has fallen back below the G7 price cap of $60/bbl for the first time since July, according to Argus.
- WTI is near unchanged at $69.36, with a low of $68.84 briefly clearing support at $69.09 (Jul 3 low) before bouncing. It opens $67.28 (June 23 low).
- Brent is -0.3% at $74.11 off a low of $73.70 that remained above support at $73.50 (Jul 6 low).
- Gold is +0.2% at $2029.8, seeing relatively little intraday boost from the USD sliding with JPY strength. Resistance is still seen at $2072.7 (50% retrace of Dec 4-5 downleg).
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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.