{"id":14898,"date":"2024-12-13T08:51:50","date_gmt":"2024-12-13T08:51:50","guid":{"rendered":"https:\/\/www.vtmarkets.net\/?p=14888"},"modified":"2025-07-31T02:54:02","modified_gmt":"2025-07-31T02:54:02","slug":"forex-market-analysis-13-december-2024","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr\/analysis\/forex-market-analysis-13-december-2024\/","title":{"rendered":"Forex market analysis: 13 December 2024"},"content":{"rendered":"\n<p>Oil prices dipped on Friday as rising global supply clashed with hopes for stronger demand from China\u2019s economic stimulus. With higher production expected in 2024 and Chinese crude imports increasing, traders are watching key price levels and economic signals like a possible Federal Reserve rate cut.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Oil prices steady amid supply growth and Chinese stimulus hopes<\/strong><\/h1>\n\n\n\n<p>Oil prices edged lower on Friday as markets weighed robust supply forecasts against potential demand growth fuelled by China&#8217;s recent economic measures.<\/p>\n\n\n\n<p><\/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\">Here\u2019s the latest news and analysis on the oil market <a href=\"https:\/\/t.co\/Yw75V5ncMo\">https:\/\/t.co\/Yw75V5ncMo<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1867356289036091448?ref_src=twsrc%5Etfw\">December 12, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>According to the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-12\/opec-supply-delay-won-t-prevent-oil-glut-next-year-iea-says\" target=\"_blank\" rel=\"noopener nofollow\" title=\"International Energy Agency\">International Energy Agency<\/a> (IEA), non-OPEC+ producers are set to increase output by 1.5 million barrels per day (bpd) in 2024, driven by countries such as the United States, Canada, Brazil, Guyana, and Argentina.<\/p>\n\n\n\n<p>This supply surge is expected to outpace the 1.1 million bpd rise in demand, which the IEA links primarily to China\u2019s economic stimulus initiatives.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Market performance and technical analysis&nbsp;<\/strong><\/h1>\n\n\n\n<p>WTI crude ended the session at USD 69.618, after peaking at USD 70.693 and bottoming out at USD 69.083.<\/p>\n\n\n\n<p>Meanwhile, Brent crude hovered around USD 73.33, reflecting a narrow trading range for both benchmarks.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr\/wp-content\/uploads\/sites\/9\/2024\/12\/image-8-1024x444-1.jpeg\" alt=\"\" class=\"wp-image-14889\"\/><figcaption class=\"wp-element-caption\">Oil drifts after a pullback, with technical indicators pointing towards a more balanced and cautious trading environment, 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><\/p>\n\n\n\n<p>On the technical side, the MACD indicator suggests a modest recovery from earlier bearish trends. The histogram is nearing zero, and the signal line indicates stabilisation.<\/p>\n\n\n\n<p>Resistance is pegged at USD 70.693, with support at USD 69.083, suggesting consolidation within these levels for now.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Key drivers supporting prices&nbsp;<\/strong><\/h1>\n\n\n\n<p>Despite projections of abundant supply, oil prices found support from <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-12\/kyiv-identifies-238-ships-it-says-are-in-russia-s-shadow-fleet-of-oil-tankers\" target=\"_blank\" rel=\"noopener nofollow\" title=\"tighter sanctions\">tighter sanctions<\/a> on Russia and Iran, alongside rising Chinese crude imports.&nbsp;<\/p>\n\n\n\n<p>November marked the first annual increase in China&#8217;s crude imports in seven months, supported by lower prices and stockpiling by independent refiners.<\/p>\n\n\n\n<p>This trend is expected to continue into 2025, particularly with Saudi Arabia offering discounted crude.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Future outlook<\/strong><\/h1>\n\n\n\n<p>Goldman Sachs predicts US shale production will grow by 600,000 bpd by 2025, though lower Brent prices below USD 70 could slow this momentum.<\/p>\n\n\n\n<p><\/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\">Goldman Sachs analyst Alex Blostein discusses the tick-up in M&amp;A activity and the outlook for financials in 2025: <a href=\"https:\/\/t.co\/8mKkBi18jV\">pic.twitter.com\/8mKkBi18jV<\/a><\/p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/1867235175391691009?ref_src=twsrc%5Etfw\">December 12, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Meanwhile, traders are eyeing a potential <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-consumer-prices-post-largest-gain-seven-months-november-2024-12-11\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"Federal Reserve rate cut\">Federal Reserve rate cut<\/a> next week, which may indirectly influence oil demand by shaping broader economic conditions.<\/p>\n\n\n\n<p>With supply-side resilience and gradual recovery in Chinese demand, the market remains cautious.<\/p>\n\n\n\n<p>The USD 70 resistance level will be a focal point, as traders look for signs of any upward breakout.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>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><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dipped on Friday as rising global supply clashed with hopes for stronger demand from China\u2019s economic stimulus. With higher production expected in 2024 and Chinese crude imports increasing, traders are watching key price levels and economic signals like a possible Federal Reserve rate cut. Oil prices steady amid supply growth and Chinese stimulus<a href=\"https:\/\/www.vtmarkets.com\/tr\/analysis\/forex-market-analysis-13-december-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-14898","post","type-post","status-publish","format-standard","hentry","category-analysis"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/posts\/14898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/comments?post=14898"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/posts\/14898\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/media?parent=14898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/categories?post=14898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr\/wp-json\/wp\/v2\/tags?post=14898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}