MNI INTERVIEW2: Europe Must Act To Boost Growth-ECB's Kazaks

MNI BRIEF: European Fiscal Board Calls For Fiscal Tightening

MNI BRIEF: ADP's Richardson Sees Pockets of Weakness in US Job Market

MNI NBP WATCH: Rates Held As 2024 Outlook Remains Hawkish

MNI BRIEF: NBP Holds Reference Rate At 5.75% As Expected

MNI China Daily Summary: Wednesday, July 3

US EIA:NAT GAS STORAGE +32 BCF TO 3,134 BCF JUN 28 WK

US EIA: CRUDE OIL STOCKS EX SPR -12.16M TO 448.5M JUN 28 WK

Unexpected Factory Orders Drop Further Sign Of Softening Goods Output

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

WTI Nears Support Level

OIL

Crude markets face downward pressure Wednesday as economic weakness out of the US and China combine with high flows out of Iran and optimism around a return of Iraqi flows via Turkey.

  • The uptrend in WTI futures remains intact and short-term weakness appears to be a correction. Firm support to watch is unchanged at $78.33, the Aug 3 low. A clear breach of this level would signal scope for a deeper retracement. For bulls, a resumption of gains would refocus attention on the next objective at $85.24,the 1.236 projection of the Jun 28 - Jul 13 - Jul 17 price swing. Moving average studies are in bull-mode condition that continues to highlight an uptrend.
  • Brent OCT 23 down -1.5% at 82.77$/bbl
  • WTI OCT 23 down -1.5% at 78.42$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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.