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
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.
