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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.
COMMODITIES
- Oil prices have edged higher on the day with the EU starting to draft a ban on Russian oil imports, after what had been a tepid day of slowing moving lower.
- The pop higher comes despite major oil traders already moving towards essentially self-sanctioning from May 15 according to a Reuters story yesterday.
- WTI is +1.0% at $105.25, close to the key near-term resistance of $105.59 (Apr 5 high), clearance of which could open $108.75 (Mar 30 high).
- Brent is +1.1% at $109.91, testing the Apr 5 high of $109.90 after which it opens $112.28.
- Gold is -0.25% at $1972.8 having tried unsuccessfully to clear yesterday’s high of $1981.6, in part being kept in check by the move higher in US rate expectations and the subsequent sell-off in Tsys. Support is seen at the 20-day EMA of $1942.6.
WTI 1st future and GoldSource: Bloomberg
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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