EBC Markets Briefing | Oil prices catch breath after a freefall

Oil rose in early Asian trade on Wednesday on continued uncertainty over conflict in the Middle East, after falling as much as $5 this week to the lowest levels since early October.

The OPEC and the IEA cut their forecasts for global oil demand growth in 2024 mainly due to China. The world’s second largest economy imported nearly 3% less crude oil in the first nine months than a year ago.

Israel will take into account the “opinions” of the US but will ultimately act against an Iranian missile attack according to its own “national interests”, PM Benjamin Netanyahu’s office has said.

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