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Addendum to the previous update on Brent Crude oil slide

It should have been mentioned in the previous update, but the reason for the fall in oil prices just now has been a report from the IEA (International Energy Agency). They have downgraded their 2024 demand outlook by what seems to be around 140k barrels per day (BPD). That report does rather contrast with the latest outlook from OPEC, but then again; when did OPEC ever seek to drive prices lower folks. Brent is not that much changed right now from where it was at the time of the last update and later today we get the latest inventory data from US EIA and the oil markets will be keen to see if that backs up the build in stocks seen last night from the API

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