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
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.
