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OPEC lower demand growth outlook- Brent comes off the boil
The latest monthly report from OPEC has just been released and it has seen the cartel cut their forecast for the whole of 2024 by 210k barrels per day. Well, if course 2024 is nearly behind us now, so does this admission matter? Probably not that much, but it moreover underscores how much OPEC have been talking that up for months now. The reality is it was never that high. They have also lowered their 2025 demand outlook too. Ahead of this Brent had lifted above the $73 per barrel handle, reaching $73.30. It has just dipped back to test $73 and it is currently trading at $73.05
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USD/JPY rises above 150 following very contrasting US PMI reports
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