Source: FX Empire
Security & Justice
Evacuations from Lebanon: What We Know
Israel launched a ground offensive in Lebanon on Tuesday, escalating a conflict against Hezbollah after a week of air strikes that have killed hundreds.
Tuesday, October 1, 2024
Israel's Ground Offensive Aims to Establish Hezbollah-Free Perimeter along Border
Israel has initiated a ground operation in southern Lebanon aimed at dismantling Hezbollah’s military infrastructure near the border rather than occupying the area, a senior Israeli official told Axios.
Tuesday, October 1, 2024
Opinion
Maintenir le Liban Hors du Maelstrom : Un Appel à la Préservation
Durant ses préparatifs pour l’attaque Japonaise contre Pearl Harbor, l’amiral Yamamoto promit à l’empereur Hirohito uniquement 6 mois de victoire, suite auxquels, le géant américain se réveillera et écrasera le Japon, selon les prédictions de ce grand militaire qui connaissait très bien la capacité quoique dormante des américains à l’époque.
Friday, September 27, 2024
Pager Attacks Show Hezbollah Became Too Big to Keep Its Secrets – And Failed to Learn Basics of Encryption
Hezbollah has long been a secretive organisation. In 2006, when Israel invaded southern Lebanon, an Israeli officer said the Iran-backed militia "rigorously maintained a high level of encryption" to avoid interception of radio and phone calls.
Thursday, September 26, 2024
Sports
Naomi Osaka to Start 2025 Season in New Zealand
Former world No. 1 Naomi Osaka will start her 2025 season at the ASB Tennis Classic in Auckland in January.
Friday, September 20, 2024
Messi Struck Referee Deal to Avoid Major Final Ban
It has been revealed that Lionel Messi once struck a mid-game shirt deal with a Copa America referee that allowed him to avoid a ban for the final.
Thursday, September 19, 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.
