Breaking News: Global Oil Prices Drop Slightly to $81.80 per Barrel Amid OPEC’s Demand Forecast Adjustments
After an impressive five-day rally, global oil prices are now experiencing a consolidation phase, with prices pulling back slightly to $81.80 per barrel on Tuesday. This shift in market sentiment comes as OPEC revises its demand forecasts for 2024 and 2025, citing weaker economic data from China and reduced regional demand projections.
OPEC now projects global oil demand to grow by 2.11 million barrels per day in 2024, down from the previous forecast of 2.25 million barrels per day. The 2025 projection has also been revised downward to 1.78 million barrels per day from 1.85 million barrels per day. These adjustments are largely driven by sluggish economic indicators from China, a key player in global oil demand.
Market participants are closely watching the ongoing conflict in the Middle East, with concerns over potential disruptions to oil supplies. Uncertainty looms over scheduled negotiations for Thursday, amid fears of escalated conflicts involving Israel and Iran. Such disruptions could lead to increased volatility in oil prices and supply chain disruptions.
Technical Analysis of Brent Crude Oil
Technical analysis of Brent crude oil indicates a consolidation range around $78.75, with a recent breakout towards $81.97. This level serves as a local target, with a potential correction back to $78.75 before a rise to $82.40. The bullish scenario is supported by the MACD indicator, showing an upward trajectory despite being below zero.
On the H1 chart, Brent crude found support at $78.44 and is moving towards $81.97. After hitting a local target at $81.90, a corrective move to at least $80.17 is possible before resuming the uptrend. The stochastic oscillator near the 20 mark suggests further upward movement, in line with the bullish sentiment on the H4 chart.
Analysis by RoboForex Analytical Department
Disclaimer
Any forecasts provided are the author’s opinion and should not be considered trading advice. RoboForex is not liable for trading results based on the information provided.