Free Trial

WTI hovered around unchanged levels as Brent....>

OIL
OIL: WTI hovered around unchanged levels as Brent managed to add $0.20 on news
that hundreds of Norwegian oil workers will go on strike, as wider-spread supply
disruptions remain an issue.
- Elsewhere, the UAE energy minister noted that OPEC is doing its best to supply
the market, stressing that it is important to avoid bringing huge supply
excesses to the market.
- Traders await Tuesday's API oil inventory estimate, with analysts looking for
a drawdown in this week's DOE headline crude & Cushing stockpiles.
- Very overbought daily studies remain key concerns for WTI bulls & limit follow
through. Below $72.14 is now needed to hint at a move back to $69.44-70.02 with
a close below $71.40 to add weight to their case. While $72.14 supports bulls
retain an advantage with focus remaining on bull channel tops between $75.86 &
$76.32.
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.