RE: Good morning all18 Oct 2024 08:10
Brent crude oil futures traded near $74.6 per barrel on Friday, poised for its sharpest weekly decline in over a month due to concerns over demand outlook and a looming surplus. Recently, the IEA lowered its demand forecasts, signaling the potential for a global glut, while OPEC cut its projections for the third consecutive month, both largely citing weaker demand from China. Additionally, China’s housing-policy briefing on Thursday fell short of expectations, exacerbating demand concerns in the world’s largest importer. Meanwhile, investors continued to assess supply risks in the Middle East, as the Israeli military confirmed on Thursday that Yahya Sinwar, a key Hamas leader and top target, was killed in combat, raising fears of regional escalation. Although Israel signaled it would avoid striking Iran's crude facilities, risks remain amid intensifying airstrikes. Also, oil prices found support from a surprise drawdown in US stockpiles.