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IEA outlook report offers little surprise for Brent crude

The International Energy Agency (IEA) have just released their latest oil output and demand survey. This report follows hot on the heels of the OPEC monthly report, released and commented on here yesterday. To repeat on that; OPEC maintained their 2024 demand outlook, whilst increasing their 2023 demand outlook by 100k BPD. The IEA report has replicated the OPEC report, by raising 2023 demand by 100k, but unlike OPEC, they have raised their 2024 demand outlook, but only by a meagre 50k BPD. The reaction in the oil markets is one of no great surprise at all and there has as yet been no uplift in the price of January Brent crude oil edges just a little lower from where it was ahead of this report. So, the $83 level remains intact still this morning, but if it does get taken out later, the next potential resistance is corrective and in place around $84.20. On the downside a break below $82.45 from here might set up another test of the $82 handle. Brent for January delivery is currently trading at $82.60

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