Source: FX Empire
The official website of the Kataeb Party leader
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
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.
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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.