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Brent Slips Below $80/bbl on Bearish Sentiment, Inventories

OIL

Brent front month slipped back below $80/bbl for the first time since 10 November, weighed on by bearish demand sentiment and US crude oil inventory data on Thursday showed stocks rose to the highest level in August.

    • Brent JAN 24 down -1.9% at 79.6$/bbl
    • WTI DEC 23 down -2.1% at 75.05$/bbl
  • BRENT TECHS: (F4) Short-Term Gains Considered Corrective
    • SUP 1: $79.20 - Low Nov 8
    • SUP 2: $78.89 - 61.8% retracement of the May 4 - Sep 28 bull run
    • SUP 3: $77.21 - Low Jul 17
  • Bearish oil demand sentiment has pressured prices in recent weeks, despite an upward revision in demand forecasts for this year from the IEA, OPEC and EIA.
  • China’s apparent oil demand in October fell to 14.871mbpd, down from 15.239mbpd in September, NBS data showed, marking the slowest year-on-year increase so far in 2023.
Energy BulletsCommodities
Energy BulletsCommodities

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