{"id":105067,"date":"2024-08-24T04:30:34","date_gmt":"2024-08-24T00:30:34","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=105067"},"modified":"2024-08-24T04:32:39","modified_gmt":"2024-08-24T00:32:39","slug":"oil-prices-rebound-following-powells-speech-amid-stubborn-uncertainty","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-prices-rebound-following-powells-speech-amid-stubborn-uncertainty\/08\/24\/market-updates\/","title":{"rendered":"Oil Prices Rebound Following Powell\u2019s Speech Amid Stubborn Uncertainty"},"content":{"rendered":"\n<p>Oil prices saw a modest increase on Friday, extending gains from the previous day and snapping a losing streak for the week. However, the rebound could be short-lived as concerns over demand and a potential supply surplus loom large.<br><br>OPEC finds itself in a challenging position. Adhering to their previous production cut commitments could bolster their credibility, but reversing course could undermine their influence over oil prices. The cartel&#8217;s decision will significantly impact the market&#8217;s outlook.<br><br>The US Dollar Index (DXY) is also facing a crucial moment. The annual Jackson Hole Symposium, featuring a speech by Federal Reserve Chairman Jerome Powell, is expected to have a significant impact on market sentiment and potential policy changes.<br><br><strong>Oil news and market movers:<br><\/strong><br>Analysts warned that the oil market may struggle to absorb additional OPEC barrels once production cuts are lifted. Morgan Stanley lowered its Brent Crude forecast to $80 per barrel, citing weaker global demand growth and sluggish Chinese consumption. The Baker Hughes Oil rig count is due for release later today. Fed Chair Powell&#8217;s speech at the Jackson Hole Symposium is highly anticipated.<br><br>Technical analysis:<br><br>Oil&#8217;s correlation with the DXY has weakened, suggesting a potential decoupling.<br>\u2022 Upside resistance levels include $75.27, $77.65, and $78.45.<br>\u2022 Downside support levels are at $71.17, $70.00, and $67.11.<br><br>While the oil market has seen a short-term rebound, the longer-term outlook remains uncertain due to geopolitical factors, economic indicators, and OPEC&#8217;s policy decisions.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices saw a modest increase on Friday, extending gains from the previous day and snapping a losing streak for the week. However, the rebound could be short-lived as concerns over demand and a potential supply surplus loom large.OPEC finds itself in a challenging position. Adhering to their previous production cut commitments could bolster their &hellip;<\/p>\n","protected":false},"author":13,"featured_media":77220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6936,7004,11192],"class_list":["post-105067","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil-prices","tag-opec-2","tag-powells-speech"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=105067"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105067\/revisions"}],"predecessor-version":[{"id":105075,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105067\/revisions\/105075"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=105067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=105067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=105067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}