Free Trial

WTI spiked lower just after the re-open but.....>

OIL
OIL: WTI spiked lower just after the re-open but has recovered the bulk of its
losses, while Brent lost around $0.30.
- Oil came under pressure after the latest API inventory estimate reportedly
revealed a headline crude build and after a BBG report suggested that Russia
will propose that OPEC+ oil production returns to October 2016 levels.
- WTI bulls take comfort in the lack of follow through on dips below the 100-DMA
($64.92) with focus having returned to $67.48-68.67 where 21 & 55-DMAs are
noted. Bulls need a close above the 55-DMA to gain breathing room and above
$68.67 to shift focus higher.
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.