Free Trial

WTI hovered around $65 in Asia after Iraq's.....>

OIL
OIL: WTI hovered around $65 in Asia after Iraq's oil minister stressed that he
believes that a rise in OPEC+ production should not be on the table.
- This came after US crude production ticked higher in the latest week's worth
of DoE inventory data, which also revealed a build in headline crude stocks, at
odds with the most recent API inventory release.
- WTI continues to flirt with the 100-DMA ($64.78). Bears look for a close below
the April 05 high ($63.87) to shift initial focus lower. Layers of resistance
are weighing despite daily studies sitting at oversold levels. Bulls now need a
close above the 55-DMA ($67.36) to gain breathing room.
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.