Ready to Get Started?
Start here. Join 2.9M Libertex users around the world!
Brent slips slightly after OPEC lower 2024/5 demand outlook (corrected)
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 a 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
Market News
All News-
DAX sets new record above 19,500 at the second time of asking
Since a much earlier update here noted the DAX just failing to set a new all time high above 19,491, the index fell back to below 19,400. However...
-
S+P 500 rises to new record above 5,850
The gains in the Nasdaq 100 right from the opening has now seen that index push towards 20,500 and that in turn has helped to lift the S+P 500 to a...
-
US stock markets reopen with early rotation out of the Dow Jones and into the Nasdaq 100
The US stock markets have just reopened and the immediate moves have seen the Dow Jones drop a little further into the red whilst the Nasdaq 100 moves...
