Brent sips slightly after OPEC lower 2024/5 demand outlook

The latest OPEC monthly market report (MMR) has just been released. Ahead of this, the price of Brent crude for November delivery did come close to the most recent lows. To remind the reader that is in the form of a double bottom on the daily charts, set on Friday at $70.61 and the low set yesterday, at $70.65. The low seen earlier this morning was set at $70.71. The price action since has seen a rebound to around $71.30, followed by another drop below the $71 handle. It was edging higher into the release of this report. That report from OPEC has seen the cartel revise down their 2024 and 2025 demand increase outlook. The news is perhaps not exactly too much of  surprise to the oil markets, but initially the reaction is rather muted. We shall see if this report does start to gather further impact on the downside and if that double bottom comes under threat once more. Brent for November delivery is currently trading at $70.95