Source: FX Empire
Security & Justice
Israel Army Says Hit Over 100 'Terror Targets' in Lebanon in Past Day
The Israeli military on Wednesday said it struck more than 100 "terror targets" in Lebanon over the past day and had "eliminated" two Hezbollah commanders at the weekend.
Wednesday, November 20, 2024
Israeli Strikes Kill Four Lebanese Soldiers in Two Days, Army Reports
Israeli Strikes Kill Four Lebanese Soldiers in Two Days, Army Reports
Wednesday, November 20, 2024
Opinion
Flying Above the Bombs, a Lebanese Airline Becomes an Unlikely National Hero
It used to be like almost any other national carrier, fielding gripes about flight delays, ticket prices and bad food.
Wednesday, November 20, 2024
Berri's Exclusive Control Over Ceasefire Talks: A Threat to National Interests?
As U.S. envoy Amos Hochstein continues his shuttle diplomacy between Tel Aviv and Beirut, aiming to broker a ceasefire agreement between Hezbollah and Israel, Lebanese political sources are increasingly calling for transparency in the negotiations. With the possibility of a ceasefire agreement looming, many are demanding that the Lebanese public be made aware of the terms being discussed behind closed doors, especially given the high stakes for Lebanon’s future and security.
Wednesday, November 20, 2024
Sports
Alcaraz Beats Rublev to Open ATP Finals Account
Carlos Alcaraz opened his account at the ATP Finals on Wednesday with an entertaining 6-3, 7-6 (10/8) win over Andrey Rublev which boosted his hopes of reaching the semifinals.
Wednesday, November 13, 2024
Ecuador's Angulo, 22, Dies a Month After Car Crash
Ecuador international Marco Angulo has died at the age of 22 just over a month after being seriously injured in a car crash, his club has announced.
Tuesday, November 12, 2024
Friday 24 November 2023 12:43:28
Oil Prices Forecast: Brent, WTI Futures Dip As OPEC+ Decision Looms
Oil Market Trends
The crude oil market is setting a cautious tone early Friday, with both U.S. and international benchmark crude futures registering modest declines. Traders remained attentive to OPEC+’s potential moves regarding production cuts, a factor significantly influencing market sentiment.
Market Movements
Brent crude futures saw a slight decrease of 0.07%, reaching $81.36, continuing the downtrend from the previous session. Similarly, U.S. West Texas Intermediate crude experienced a more notable fall of 0.86%, landing at $76.44. This marked a change from Wednesday’s close, with Thursday not seeing a settlement due to a U.S. public holiday. Notably, both Brent and WTI are poised for their first weekly gain in five weeks, buoyed by expectations of OPEC+, led by Saudi Arabia, potentially reducing supply to stabilize the market into 2024.
OPEC+ Deliberations
The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, unexpectedly postponed their ministerial meeting, intensifying market speculation. This delay, set until Nov. 30, followed disagreements on production levels. Market reactions were swift, with Brent futures dropping by 4% and WTI by 5% during Wednesday’s trading. However, the consensus leans towards an extension of the current production cuts.
Mixed Signals from Global Markets
While Chinese market outlooks seemed robust, aiding market sentiment, U.S. market indicators showed a contrasting picture. Higher U.S. crude stockpiles and diminishing refining margins hinted at reduced crude demand, potentially capping gains from the Chinese market positivity. Furthermore, the long-term outlook for China’s oil demand growth appears tepid, with projections of a slowdown to around 4% in the first half of 2024, amidst challenges in the property sector.
Forecast
Given these factors, the near-term trend in oil markets appears bearish. The balance between OPEC+’s potential production cuts and the mixed global demand outlook suggests cautious trading in the coming weeks, with a close watch on OPEC+’s upcoming decisions and global economic indicators.
Technical Analysis
The current daily price of light crude oil futures at $76.52 is slightly below the previous close of $77.10, indicating a modest downward movement.
It’s also trading below both the 200-day and 50-day moving averages, at $78.15 and $83.93 respectively, suggesting a bearish trend in the short to medium term.
The price is situated between the minor resistance at $77.43 and the main support at $66.85. This positioning, closer to the minor resistance, could indicate a potential for a rebound if it breaks through this resistance level. However, the proximity to the main support also suggests a vulnerability to further declines.
The overall sentiment, considering these factors, leans towards bearishness in the current market context. Over the near-term, trader reaction to the 200-day moving average will set the tone.
