{"id":14624,"date":"2024-11-08T08:59:48","date_gmt":"2024-11-08T08:59:48","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=14624"},"modified":"2025-02-16T10:55:25","modified_gmt":"2025-02-16T10:55:25","slug":"forex-market-analysis-8-november-2024","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/analysis\/forex-market-analysis-8-november-2024\/","title":{"rendered":"Forex market analysis: 8 November 2024"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Oil prices eased slightly after a brief rally, as traders weighed supply risks from Hurricane Rafael and potential policy changes under President-elect Trump. Adding to the pressure, China\u2019s oil imports dropped, while US crude inventories rose, creating a mixed outlook for near-term prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Oil prices edge lower<\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices dipped modestly on Friday, with Brent crude futures decreasing by 0.6% to USD 75.16 per barrel, and US West Texas Intermediate (WTI) sliding 0.8% to USD 71.81.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Oil prices fall as Hurricane Rafael expected to start weakening <a href=\"https:\/\/t.co\/sFliDEzNyX\">https:\/\/t.co\/sFliDEzNyX<\/a> <a href=\"https:\/\/t.co\/xbnqBz5ckR\">pic.twitter.com\/xbnqBz5ckR<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1854757024099090867?ref_src=twsrc%5Etfw\">November 8, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This slight decline follows a near 1% rise on Thursday as traders watched developments in the Gulf of Mexico and anticipated potential policy changes under President-elect Donald Trump.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"440\" src=\"https:\/\/www.vtmarkets.com\/tr\/wp-content\/uploads\/sites\/9\/2024\/11\/image-20-1024x440-1.jpeg\" alt=\"\" class=\"wp-image-14625\" srcset=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2024\/11\/image-20-1024x440-1.jpeg 1024w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2024\/11\/image-20-1024x440-1-300x129.jpeg 300w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2024\/11\/image-20-1024x440-1-768x330.jpeg 768w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2024\/11\/image-20-1024x440-1-500x215.jpeg 500w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2024\/11\/image-20-1024x440-1-400x172.jpeg 400w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2024\/11\/image-20-1024x440-1-350x150.jpeg 350w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2024\/11\/image-20-1024x440-1-200x86.jpeg 200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Crude oil prices stall near resistance at $72.85, as momentum shows signs of waning amid mixed signals, as seen on the <a href=\"https:\/\/apps.apple.com\/au\/app\/vt-markets-online-trading\/id1372647263?mt=8\" target=\"_blank\" rel=\"noopener\" title=\"VT Markets app\">VT Markets app<\/a>.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prices briefly rallied to a resistance level around 72.853 before consolidating and pulling back to roughly 71.923.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Recent 5, 10, and 30-period moving averages point to a bullish trend, but they\u2019re converging, which may signal short-term hesitation or consolidation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Reduced impact from Hurricane Rafael<\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Initially, Hurricane Rafael shut down 391,214 barrels of US crude production per day, raising concerns over potential supply disruptions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the hurricane is expected to weaken over the weekend as it drifts westward, away from key oil-producing areas, which has eased concerns about US oil output.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The National Hurricane Centre\u2019s forecast suggests a reduced impact on production, prompting a slight cooling in oil prices as traders adjust their outlook.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Trump\u2019s policy agenda and potential supply constraints<\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">With Hurricane Rafael&#8217;s impact appearing limited, market attention has shifted to possible supply changes under the upcoming Trump administration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anticipated actions, such as stricter sanctions on oil-exporting nations like Iran and Venezuela, could tighten supply from these regions, lending support to oil prices over the medium term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although such policies are expected to be implemented gradually, they may contribute to supply constraints if enforced stringently.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BMI, a subsidiary of Fitch Solutions, notes that while Trump\u2019s stance appears aggressive, institutional checks and moderate advisers may moderate drastic changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BMI&#8217;s forecast suggests a pragmatic approach, with limited direct impacts on oil supply fundamentals likely through 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Downward pressure from Chinese imports and US inventory build-up<\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Additional downward pressure stems from China, the world\u2019s largest oil importer, which reported a 9% drop in crude imports for October, marking the sixth straight month of year-on-year declines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This trend raises questions about demand from a key market, potentially weighing on global oil prices if it continues.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, rising US crude inventories add further pressure on prices amid concerns about near-term demand strength.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Traders are expected to remain cautious, balancing expectations of tighter supply from potential US sanctions with mixed demand and inventory data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, the oil market faces a complex landscape where supply risks and geopolitical factors will significantly influence near-term price movements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Click <a href=\"https:\/\/www.vtmarkets.net\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\" target=\"_blank\" rel=\"noopener\" title=\"here\">here<\/a> to open account and start trading.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices eased slightly after a brief rally, as traders weighed supply risks from Hurricane Rafael and potential policy changes under President-elect Trump. Adding to the pressure, China\u2019s oil imports dropped, while US crude inventories rose, creating a mixed outlook for near-term prices. Oil prices edge lower Oil prices dipped modestly on Friday, with Brent <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/analysis\/forex-market-analysis-8-november-2024\/\" class=\"read-more\">Continue Reading<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-14624","post","type-post","status-publish","format-standard","hentry","category-analysis"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Oil prices eased slightly after a brief rally, as traders weighed supply risks from Hurricane Rafael and potential policy changes under President-elect Trump. 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Oil prices edge lower Oil prices dipped modestly on Friday, with Brent"},"aioseo_meta_data":{"post_id":"14624","title":"","description":null,"keywords":null,"keyphrases":null,"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"seo_analyzer_scan_date":"2026-07-06 18:54:20","breadcrumb_settings":null,"limit_modified_date":false,"open_ai":null,"ai":null,"created":"2025-02-17 02:45:55","updated":"2026-07-06 18:54:20"},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t<a href=\"https:\/\/www.vtmarkets.com\/tr-mena\" title=\"Home\">Home<\/a>\n<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t<a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/category\/analysis\/\" title=\"Today&apos;s Analysis\">Today's Analysis<\/a>\n<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\tForex market analysis: 8 November 2024\n<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.vtmarkets.com\/tr-mena"},{"label":"Today's Analysis","link":"https:\/\/www.vtmarkets.com\/tr-mena\/category\/analysis\/"},{"label":"Forex market analysis: 8 November 2024","link":"https:\/\/www.vtmarkets.com\/tr-mena\/analysis\/forex-market-analysis-8-november-2024\/"}],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/14624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=14624"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/14624\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=14624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=14624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=14624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}