2024-11-13 22:25
IndustryOil Near $72 as Market Weighs Demand and Supply
Brent crude holds around $72/barrel, trading in narrow range:
Little changed for second day, near month's low
Earlier support from pause in USD rally
Trading band of ~$5 for nearly a month
Market factors:
OPEC cuts demand growth forecast (4th consecutive month)
Awaiting US and IEA outlooks this week
Traders assessing 2025 consumption outlook
Concerns about potential oversupply next year
Expert view (Harry Tchilinguirian, Onyx Capital Group):
"The market is looking for a catalyst to break out. OPEC+ cuts afford somewhat of price support while macro economic realities put in place a cap."
Morgan Stanley outlook:
Cut oil price forecast
Predicts potential glut in 2025
Reduced consumption expectations for 2024 and 2025
Second Trump presidency could significantly impact prices, direction unclear
Key factors influencing oil market:
Geopolitical risk premiums
OPEC+ production cuts
Global economic conditions
#OilMarkets #CrudeOil #OPEC #WTI
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Oil Near $72 as Market Weighs Demand and Supply
Hong Kong | 2024-11-13 22:25Brent crude holds around $72/barrel, trading in narrow range:
Little changed for second day, near month's low
Earlier support from pause in USD rally
Trading band of ~$5 for nearly a month
Market factors:
OPEC cuts demand growth forecast (4th consecutive month)
Awaiting US and IEA outlooks this week
Traders assessing 2025 consumption outlook
Concerns about potential oversupply next year
Expert view (Harry Tchilinguirian, Onyx Capital Group):
"The market is looking for a catalyst to break out. OPEC+ cuts afford somewhat of price support while macro economic realities put in place a cap."
Morgan Stanley outlook:
Cut oil price forecast
Predicts potential glut in 2025
Reduced consumption expectations for 2024 and 2025
Second Trump presidency could significantly impact prices, direction unclear
Key factors influencing oil market:
Geopolitical risk premiums
OPEC+ production cuts
Global economic conditions
#OilMarkets #CrudeOil #OPEC #WTI
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