Source: FX Empire
Security & Justice
State Action Signals Change in Tackling Longstanding Illegal Land Grabs in Jbeil District
For years, the serene villages of Jbeil's highlands have been far from peaceful. Ghabat, a Maronite village nestled between the predominantly Shiite towns of Afqa and Lassa, has become a focal point of growing tensions due to territorial disputes.
Friday, December 20, 2024
Mawlawi Ensures Strict Monitoring for Wanted Syrian Regime Figures at Beirut Airport
Caretaker Minister of Interior, Bassam Mawlawi, conducted an inspection tour of Rafic Hariri International Airport in Beirut to review the security arrangements and measures implemented by the Airport Security Apparatus ahead of the holiday season.
Thursday, December 19, 2024
Opinion
Lebanon After the Assads
The United States has important equities in Lebanon, including a desire for a generally friendly government’s economic and political stability; security cooperation; long-standing relations with the large Christian community in Lebanon and Lebanese diaspora in the United States; and ultimately peace between Israel and Lebanon within a broader regional settlement. Achieving these objectives will require navigating a tumultuous period in the country’s history following a war between Hezbollah and Israel that has devastated a large part of the country, exacerbating Lebanon’s already challenging economic conditions. But perhaps the most important dynamic will be how a likely Sunni-dominated state of uncertain composition in Syria will differ in its intentions toward Lebanon from the previous Alawite-led minoritarian Assad regime.
Thursday, December 19, 2024
Europe’s Syrian Dilemma
The news of the sudden and unexpected demise of Bashar al-Assad’s regime in Syria has met a mixed response in Europe. The jubilation that a murderous dictator and close ally of Russia and Iran has fallen is not just good for the Syrian people but serves as a morale booster for Eastern Europeans wondering whether Russia can be defeated
Wednesday, December 18, 2024
Sports
Cristiano Ronaldo Unveils New Private Jet Worth $73 Million
Cristiano Ronaldo, one of the richest global athletes, has unveiled his upgraded private jet reportedly worth $73 million. With its top-notch design, exceptional speed and range of 7500 nautical miles, the Gulfstream G650 is among the fastest jets in the world.
Monday, December 16, 2024
Guardiola Accepts Man City May Need to Sign More Players to Cope with Schedule
Manchester City manager Pep Guardiola believes he will need a bigger squad to handle soccer’s ever-expanding fixture schedule.
Saturday, December 14, 2024
Monday 27 November 2023 11:09:39
Oil Prices Forecast: OPEC+ Summit Key to 2024 Oil Inventory, Market Stability
As OPEC+ nears a critical decision on production, global oil markets face volatility and potential surplus challenges.
Oil Market Awaits OPEC+ Meeting
Brent crude oil prices edged lower on Monday, moving towards $80 a barrel, in anticipation of the OPEC+ meeting set to discuss supply cuts extending into 2024. Brent crude futures decreased by 0.68% to $80.03, while U.S. West Texas Intermediate (WTI) futures fell to $74.96, down by 0.77%.
Recent Volatility and OPEC+ Delay
Last week’s oil market experienced notable fluctuations. Speculations that Saudi Arabia and Russia might prolong supply cuts into early 2024 influenced trading. However, OPEC+ delayed a key meeting to November 30 to address production target disagreements, especially for African nations, sparking mid-week price drops.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Consensus and Market Reaction
Recent reports suggest OPEC+ is nearing an agreement, with market watchers eyeing Saudi Arabia’s potential continuation of a 1 million barrels per day voluntary cut. Any deviation could pressure the market further, considering the expected surplus in early 2024.
Global Supply and Demand Outlook
OPEC’s export reductions align with supply targets, yet the United Arab Emirates plans to boost Murban crude exports next year. The International Energy Agency anticipates a slight surplus in 2024, even if OPEC+ extends cuts, due to a deceleration in demand growth.
Geopolitical Stability and Future Outlook
Easing Middle Eastern geopolitical tensions have also stabilized the market. The upcoming OPEC+ meeting is pivotal, with extended supply cuts and disciplined management essential to mitigate surplus risks and maintain price equilibrium in the coming year.
Technical Analysis
Light crude oil futures, trading at $74.96, sit below both the 50-day and 200-day moving averages of $83.59 and $78.13 respectively, indicating a bearish trend.
The current price is closer to the minor resistance of $77.43 than the main resistance at $82.68, suggesting limited upward momentum.
Furthermore, with the price above the main support of $66.85 and minor support at $72.48, there’s underlying market support preventing further decline.
This positioning, coupled with the moving averages’ trend, points to a cautiously bearish market sentiment.
