OPEC downgraded its global oil demand forecast for 2024, now expecting an increase of 2.11 million barrels per day (bpd), slightly lower than the 2.25 million bpd projected last month. The organization also adjusted its demand growth estimate for next year, lowering it to 1.78 million bpd from the previous forecast of 1.85 million bpd.
These adjustments reflect the actual data received for Q1 of 2024, and in some cases, the Q2, along with “. OPEC noted that while the summer driving season got off to a slower start compared to the previous year, transport fuel demand is anticipated to remain robust, supported by healthy road and air mobility.
WTI oil shrugs off the downgrade and extends its near term rebound from 72.42. Technically, the strong break of 55 4H EMA suggests that fall from 84.72 has completed already. Further rise is now in favor as long as 76.46 support holds, towards 55 D EMA (now at 79.23). Firm break there will solidify this near term bullish case and target top of the medium term range between 84.72 and 87.84.
