INSUBCONTINENT EXCLUSIVE:
The global oil market experienced a volatile day on Thursday, December 12, 2024
Crude oil futures closed lower after the International Energy Agency (IEA) revised its forecast for global oil demand.This downturn followed
substantial gains in the previous session
The West Texas Intermediate (WTI) crude for January delivery fell by 0.38% to $70.02 per barrel on the New York Mercantile Exchange.Brent
crude for February delivery on the Intercontinental Exchange dropped 0.15% to $73.41 per barrel
IEA cautioned that growth would likely remain moderate
The agency now anticipates global demand to increase by 1.1 million barrels per day in 2025, up from its previous forecast of 990,000
barrels per day.Oil Prices Dip as IEA Forecast Tempers Russian Sanctions Concerns
(Photo Internet reproduction)Geopolitical risks continue to influence market sentiment
Investors are closely monitoring the tightening of United States sanctions against Russia
potential interest rate cut by the Federal Reserve
Many anticipate a 25 basis point reduction in the coming week, which could impact oil prices.Looking ahead, analysts from OCBC Bank suggest
that oil prices may face downward pressure in the coming year
key factor in the global outlook
OCBC analysts warn that disappointing demand from China could weigh on global growth prospects for 2025.The oil market continues to balance
These include geopolitical tensions, economic forecasts, and shifting demand patterns
As always, market participants must navigate these complex dynamics with caution and foresight.
