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
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
Real Madrid Launch Investigation into Racist Insults After El Clasico Defeat
Real Madrid has launched an investigation into racist insults directed at players during Saturday’s 4-0 home loss to Barcelona in LaLiga, it said on Sunday.
Monday, October 28, 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.
