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OIL: Front Month Crude Regains Ground After Fall on OPEC Capacity Headlines

OIL
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Brent front month has regained earlier losses after falling to $82.1/bbl following headlines regarding the ongoing debate over OPEC member oil output capacity.

  • Several countries have been calling for an upwards revision to quotas with new targets needed for 2025 but focus for the upcoming ministerial meeting is likely to be on the possible extension of existing cuts.
  • Three consultancies have been commissioned to independently review member production capacity by end-June.
  • Global demand growth forecast also remain in focus with uncertainty driven from US and China. OPEC kept their demand growth forecast for 2024 stable from last month’s assessment at 2.2mb/d, according to their May Monthly Oil Market Report.
  • Technical analysis shows a bearish cycle remains in play with next Brent support at $81.71/bbl and WTI support at $76.89/bbl
    • Brent JUL 24 down 0.3% at 83.07$/bbl
    • WTI JUN 24 down 0.5% at 78.74$/bbl
    • Brent JUL 24-AUG 24 up 0.02$/bbl at 0.47$/bbl
    • Brent DEC 24-DEC 25 down 0.08$/bbl at 4.51$/bbl
    • WTI JUN 24-JUL 24 down 0.05$/bbl at 0.47$/bbl
    • WTI JUN 24-DEC 24 down 0.09$/bbl at 3.1$/bbl
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Brent front month has regained earlier losses after falling to $82.1/bbl following headlines regarding the ongoing debate over OPEC member oil output capacity.

  • Several countries have been calling for an upwards revision to quotas with new targets needed for 2025 but focus for the upcoming ministerial meeting is likely to be on the possible extension of existing cuts.
  • Three consultancies have been commissioned to independently review member production capacity by end-June.
  • Global demand growth forecast also remain in focus with uncertainty driven from US and China. OPEC kept their demand growth forecast for 2024 stable from last month’s assessment at 2.2mb/d, according to their May Monthly Oil Market Report.
  • Technical analysis shows a bearish cycle remains in play with next Brent support at $81.71/bbl and WTI support at $76.89/bbl
    • Brent JUL 24 down 0.3% at 83.07$/bbl
    • WTI JUN 24 down 0.5% at 78.74$/bbl
    • Brent JUL 24-AUG 24 up 0.02$/bbl at 0.47$/bbl
    • Brent DEC 24-DEC 25 down 0.08$/bbl at 4.51$/bbl
    • WTI JUN 24-JUL 24 down 0.05$/bbl at 0.47$/bbl
    • WTI JUN 24-DEC 24 down 0.09$/bbl at 3.1$/bbl