Squawk / 11 October 2016 at 6:37 GMT
Director / PIA First
United Kingdom
Trading conditions were relatively subdued given a lack of major data releases and US Columbus day holiday. The highlight was a renewed increase in crude prices with another strong rally. From initial losses below $49.30, WTI pushed to highs $51.60 p/b, the strongest level for four months while Brent crude hit a one-year high at $53.70 before paring gains.

Prices were boosted by comments from Russian President Putin and Energy Minister Novak that a deal with OPEC to cut or freeze production was possible. Putin’s backing was seen as particularly important in lending credence to a potential deal and rhetoric will continued to be watched closely with informal talks between producers due in Istanbul on Wednesday.

Higher oil prices were a trigger for a further retreat in bond prices during the day with US 10-yaer yields at four-month highs. Higher energy prices tended to undermine the yen and also triggered a sharp recovery in the Canadian dollar as the US currency gained fresh support.

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