Source: FX Empire
Security & Justice
Southern Lebanon Endures Massive Damage: 40,000 Homes Leveled Across 37 Towns
Israeli forces have systematically destroyed entire neighborhoods in southern Lebanon, leveling more than 37 towns and wiping out over 40,000 residential units, according to Lebanon's National News Agency.
Tuesday, November 5, 2024
Gaps in Coastal Radar Enabled Israeli Raid in Batroun, Army Commander Says
Lebanon’s army chief, General Joseph Aoun, detailed to Caretaker Prime Minister Najib Mikati how Israeli forces likely exploited gaps in the country's coastal radar system during the recent raid carried out in Batroun. The briefing comes as Lebanese officials seek answers on how Israel’s elite Shayetet 13 unit carried out the landing undetected.
Monday, November 4, 2024
Opinion
The Emptying of Baalbek Is a Moment to Take Stock
“Large numbers of people continue to flee their homes every day, as Israel’s military operations in Lebanon have been going on unabated.” These disturbing words could be from almost any news report about Israel’s invasion of its northern neighbour over the past month. However, they can be found in a report by the Norwegian Refugee Council’s Internal Displacement Monitoring Centre issued on July 27, 2006.
Saturday, November 2, 2024
A Future Without Hezbollah
At the end of September, when Israel’s campaign to destroy Hezbollah was reaching its height, I met one of the group’s supporters in a seaside café in western Beirut. He was a middle-aged man with a thin white beard and the spent look of someone who had not slept for days. He was an academic of sorts, not a fighter, but his ties to Hezbollah were deep and long-standing.
Thursday, October 31, 2024
Sports
FC Barcelona Fears First Team Star Will Be Banned From Playing, Reports SPORT
FC Barcelona is concerned that one of its main first-team stars will be banned from playing at the turn of 2025 because of issues related to his registration and Financial Fair Play (FFP) limits according to SPORT, which cited anonymous sources.
Friday, November 1, 2024
Tottenham Forward Son Heung-min Crowned Asia’s International Player of the Year
Tottenham forward Son Heung-min was crowned as Asia’s International Player of the Year for the fourth time by the Asian Football Confederation at its annual awards ceremony Tuesday.
Wednesday, October 30, 2024
Wednesday 28 February 2024 13:57:35
Crude Oil News Today: Market Clings to 200-Day MA Ahead of OPEC+ Decision
Facing Early Setback
Crude oil prices are facing downward pressure early Wednesday, influenced by multiple factors including Federal Reserve policies, U.S. crude stock levels, and global political developments. These elements are critical in shaping the short-term outlook for oil markets.
At 10:40 GMT, Light Crude Oil futures are trading $77.94, down $0.93 or -1.18%.
Supply Factors
Notably, U.S. crude stocks experienced a significant increase, with an 8.43 million barrel build reported for the week ending February 23. This data, sourced from the American Petroleum Institute (API), contrasts with declines in gasoline inventories by 3.27 million barrels and distillate stocks by 523,000 barrels.
Concurrently, the Organization of the Petroleum Exporting Countries and allies (OPEC+) are contemplating extending their voluntary oil output cuts into the second quarter, which could potentially tighten the market. Originally, OPEC+ agreed to cuts totaling about 2.2 million barrels per day for the first quarter, led by Saudi Arabia. Additionally, Russia announced a six-month ban on gasoline exports from March 1, further influencing supply trends.
Demand Factors
On the demand side, Federal Reserve Governor Michelle Bowman’s indication of a delay in U.S. interest rate cuts, citing ongoing inflation risks, could dampen economic growth and reduce oil demand. A stronger U.S. Dollar is also impacting foreign demand for the dollar-denominated asset. Furthermore, the latest U.S. sanctions on Russia pose challenges for Indian refiners in securing Russian oil, potentially affecting global demand patterns. India, a major buyer of Russian oil, faces increased complexities in annual supply deal negotiations due to these sanctions.
Market Forecast
In the short term, the oil market is facing bearish pressure. The significant increase in U.S. crude inventories, coupled with potential dampening of demand due to Federal Reserve policies and a stronger U.S. Dollar, are key factors contributing to this outlook.
While OPEC+ deliberations on extending output cuts could provide some support, the overall market sentiment remains cautious, leaning towards a bearish stance in the immediate future. However, conditions could change quickly if OPEC+ announces a production cut.
Official crude oil inventories from the U.S. Energy Information Administration (EIA) is expected to show a 3.1 million barrel build.
Technical Analysis
Light crude oil futures are edging lower on Wednesday after another failed attempt to breakout over the January 29 main top at $79.01. Additional resistance can be found at the November highs at $79.57 and $79.87.
On the downside, minor support is $77.43, followed by the 200-day moving average at $76.50.
Holding above the 200-day MA means buyers are still there providing support as they await potentially bullish news from OPEC+. This news may be the catalyst that drives prices through resistance. Obviously, crossing to the weak side of the 200-day MA will mean they didn’t get the bullish news they were expecting.
