Bullish sentiment is building in oil markets after the IEA raised its demand forecast for the fourth time since November
IEA’s Influence on Oil Demand and Price Trends The International Energy Agency IEA is playing a pivotal role in shaping the bullish sentiment in the May West Texas Intermediate WTI crude oil market. Thursday’s upward revision for 2024 oil demand growth, marking the fourth adjustment since November, forecasts a tighter market with a demand rise of 1.3 million barrels per day.
The next upside target on the trend indicator chart is $84.87. A move through the main bottom at $71.52 will change the trend to down. However, don’t expect an acceleration to the downside unless $68.85 is taken out with conviction. Retracement Level Analysis The contract range is $39.02 to $88.31. Its retracement zone at $63.67 to $57.85 is the major support zone. This area stopped the selling the week-ending June 16, 2023 at $65.18. This is a major long-term value zone.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bullish Sentiment Finally Breaks Out in Oil MarketsBullish sentiment is finally seeping into oil markets, buoyed by geopolitical instability and an increasingly optimistic demand outlook.
Read more »
IEA, OPEC Divergence on Oil Demand Becomes Too Big To IgnoreReuters this week reported that the divergence between IEA and OPEC demand numbers is the largest in 16 years.
Read more »
IEA: Oil market to shift from surplus to deficit if OPEC extends cutsThe International Energy Agency (IEA) has stated that the oil market will shift from a surplus to a supply deficit for the entirety of 2024 if OPEC extends its production cuts until the end of the year. The IEA assumes that OPEC will continue with the voluntary cuts through 2024, prompting a change in its view on the supply-demand balance. The agency also raised its 2024 outlook on global oil demand growth.
Read more »
Brent Soars Past $85 As IEA Recalculates Supply, DemandCrude oil prices hit a four-month high on Thursday, with the U.S. benchmark crossing over the $80 mark and Brent passing $85 per barrel
Read more »
As San Francisco builds the future of technology, can it rebuild itself?People feared a doom loop. Reality has been more surprising
Read more »
The brain builds emotions regardless of the senses, neuroscientists findHow much do our emotions depend on our senses? Does our brain and body react in the same way when we hear a fearful scream, see an eerie shadow, or smell a sinister odor? And does hearing upbeat music or seeing a colorful landscape bring the same...
Read more »