Brent Crude

Date 04.09.2024
Brent Crude
Timeframe : Weekly

Remarks :
If breaks multi year support & closes deeply on weekly timeframe then its not a positive signal as far as global economies performance is concerns, mainly from West & China. It has some positive impact on our current account deficit due to lower crude import prices & if dollar correction will occur then it will add more efficiency however, with respect to global demand its both ways earnings damage as well some input cost impact.

The International Energy Agency (IEA) projects global oil demand to grow by slightly less than 1 million barrels per day (mb/d) in both 2024 and 2025

Its one of the most important leading indicators including Baltic index, interset rates, job data & bond yields.

Regards,
Ankur