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Reading: Crude Oil drops below $75.00 following bearish OPEC report
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Gulf Press > Business > Forex > Crude Oil drops below $75.00 following bearish OPEC report
Forex

Crude Oil drops below $75.00 following bearish OPEC report

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Last updated: 2024/10/14 at 1:04 PM
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Crude Oil prices started the week trading lower, falling further below the $75.00 mark. This came after the monthly report from the Organization of the Petroleum Exporting Countries (OPEC) showed a downward revision in demand growth forecasts for the third consecutive time. The US Dollar Index, which tracks the performance of the Greenback against other currencies, is hovering around the 103.00 level and is looking for a catalyst to potentially move higher.

As the week began, Crude Oil experienced downward pressure following the release of the OPEC report. Despite a lack of significant military movements over the weekend, Iran confirmed on Monday that communication with the United States through Oman has ceased. The US Dollar Index is currently stable around the 103.00 mark and is awaiting key events to determine its future direction, with the European Central Bank decision on Thursday being a major focus for traders.

At present, Crude Oil is trading at $73.37 for WTI and $77.24 for Brent Crude. Recent news and market movers for Oil include the US imposing sanctions on Iran’s oil and gas sectors in response to a ballistic missile attack on Israel. Additionally, the monthly OPEC report revealed a downward revision in demand growth for Oil, with China reporting sluggish demand as reflected in lower Crude Oil imports. The lack of significant details in China’s stimulus package announcement also contributed to lower market sentiment.

Technical analysis for Oil suggests that further downward revisions could be seen as OPEC continues to revise its outlook for demand growth and China faces challenges in stimulating its economy. Key levels to watch include the 100-day Simple Moving Average near $75.56 as resistance and the 55-day SMA at $72.49 as potential support. Further downside levels to watch include $71.46 and the $70.00 and $67.11 levels as ultimate support for traders.

WTI Oil, also known as West Texas Intermediate, is a type of Crude Oil sold on the international markets and considered a benchmark for the Oil market. The price of WTI Oil is influenced by factors such as global growth, political instability, OPEC decisions, and the value of the US Dollar. Weekly Oil inventory reports from organizations such as the American Petroleum Institute and the Energy Information Agency also impact the price of WTI Oil by reflecting changes in supply and demand. Additionally, OPEC’s decisions on production quotas can impact WTI Oil prices, with the group recently making downward revisions to demand growth forecasts.

In conclusion, the Oil market is currently facing downward pressure due to revised demand growth forecasts from OPEC and sluggish demand from China. The US Dollar Index remains stable but is looking for a catalyst for potential movement higher. Technical analysis suggests potential support and resistance levels to watch for Oil prices, while factors such as global growth, political instability, and OPEC decisions continue to influence the price of WTI Oil. Traders will be closely following key events and announcements to determine the future direction of the Oil market.

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News Room October 14, 2024
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