Crude oil slips with focus on demand | EBC Markets Briefing!Oil prices slipped in early Asian trading on Friday, with weak demand in focus even after the OPEC+ postponed planned supply increases and extended output cuts to the end of 2026.
The cartel was planning to start unwinding cuts from October, but a slowdown in global demand - especially in China - and rising output elsewhere forced it to postpone the plan several times.
Banks are gearing up for US oil prices to fall below $60 a barrel by the middle of Trump’s new term in office when shale output is expected to grow, according to a survey from law firm Haynes Boone LLP.
Crude inventories fell by 5.1 million barrels in the week ended 29 Nov, the EIA said, compared with analysts’ expectations for a loss of 671,000 barrels. Meanwhile, US oil production rose to a record high.
For the first 11 months of the year, Asia's crude imports were 26.52 million bpd, down from the 26.89 million bpd tracked by LSEG Oil Research for the same period in 2023. That contradicted OPEC’s rosy forecast.
OPEC+'s biggest dilemma is that it can only keep the oil price around $75 a barrel by efforts, and other major oil producers are set to gain market shares if demand recovers somehow later.
Brent crude remained stuck in a tight range from $71.4 to $74.1. A breakout which could be seen following today’s NFP report is needed for trend direction.
Crude oil prices have taken a dip, drawing attention to growing concerns about global demand. In this insightful video, the EBC Group explores the key factors influencing the current oil market trends and what they mean for the global economy.
With fears of an economic slowdown looming and mixed signals from major economies, the energy sector is facing increased uncertainty. We dive into the data behind falling oil prices, dissect the impact of changing consumption patterns, and examine how geopolitical developments are shaping the demand outlook.
Join us as we analyze the role of leading oil producers, such as OPEC+, and how their production strategies are attempting to stabilize the market amid demand concerns. Are supply cuts enough to offset weakening global consumption? And what role do macroeconomic factors, like inflation and interest rates, play in the oil price equation?
Our experts provide a balanced perspective, discussing not only the challenges but also the potential opportunities for investors, traders, and businesses in the energy sector. Whether you’re an energy enthusiast, a market analyst, or simply curious about how crude oil prices impact everyday life, this video has something for you.
Stay informed with EBC Group as we bring you up-to-date analysis and actionable insights on the trends shaping global markets. Don’t forget to like, subscribe, and hit the notification bell to stay updated on the latest in energy and commodities!
Crude Oil Slips Amid Demand Concerns | EBC Group. Focus on Demand Sends Crude Oil Lower. Crude Oil Prices Drop as Demand Fears Loom. Crude Oil Slips on Weaker Demand Outlook.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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