Data News > Oil Market Update: Natural Gas, WTI Oil, and Brent Oil Forecasts
- Crude oil market sees sideways action as it tries to form a base
- Oil prices fall as Israel-Hezbollah truce eases supply fears
- OPEC+ output cut decisions and 2025 surplus forecasts weigh on outlook
- Economic weakness in China could stall oil prices in 2025
- OPEC+ delay adds uncertainty to oil supply strategies for 2024
The oil markets have been facing pressure with a lack of positive catalysts, causing WTI oil to retreat ahead of the weekend. The market has been experiencing sideways action as it tries to establish a base. Short-term traders are expected to dominate the market for the time being.
Oil prices took a hit this week as fears over a wider conflict in the Middle East eased after a cease-fire between Israel and Iran-backed Hezbollah. This led to heavy losses for oil futures, with a drop of over 3% for the week. The OPEC+ output cut decisions and forecasts of surplus in 2025 have also contributed to the downward pressure on prices.
Analysts are warning of an uphill battle for oil prices as demand concerns and oversupply challenge the efforts of OPEC. Economic weakness in China is clouding the demand picture, while ample global supplies are outweighing support from an expected delay in the planned OPEC+ output hike. A Reuters monthly poll has shown that oil prices could stall in 2025 as a result.
The OPEC+ meeting delay has added uncertainty to oil supply strategies for 2024, with traders closely monitoring the impacts on Brent, WTI, and natural gas prices. Meanwhile, Goldman Sachs' Samantha Dart has warned that Trump's tariffs could potentially drive oil prices higher for consumers in the near term, with brent crude possibly reaching $78 a barrel due to tight inventory and limited alternatives.
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Oil Market Update: Natural Gas, WTI Oil, and Brent Oil Forecasts
By KlickAnalytics Data Insights | November 29, 2024 08:02PM ET
Key Points
- Crude oil market sees sideways action as it tries to form a base
- Oil prices fall as Israel-Hezbollah truce eases supply fears
- OPEC+ output cut decisions and 2025 surplus forecasts weigh on outlook
- Economic weakness in China could stall oil prices in 2025
- OPEC+ delay adds uncertainty to oil supply strategies for 2024
The oil markets have been facing pressure with a lack of positive catalysts, causing WTI oil to retreat ahead of the weekend. The market has been experiencing sideways action as it tries to establish a base. Short-term traders are expected to dominate the market for the time being.
Oil prices took a hit this week as fears over a wider conflict in the Middle East eased after a cease-fire between Israel and Iran-backed Hezbollah. This led to heavy losses for oil futures, with a drop of over 3% for the week. The OPEC+ output cut decisions and forecasts of surplus in 2025 have also contributed to the downward pressure on prices.
Analysts are warning of an uphill battle for oil prices as demand concerns and oversupply challenge the efforts of OPEC. Economic weakness in China is clouding the demand picture, while ample global supplies are outweighing support from an expected delay in the planned OPEC+ output hike. A Reuters monthly poll has shown that oil prices could stall in 2025 as a result.
The OPEC+ meeting delay has added uncertainty to oil supply strategies for 2024, with traders closely monitoring the impacts on Brent, WTI, and natural gas prices. Meanwhile, Goldman Sachs' Samantha Dart has warned that Trump's tariffs could potentially drive oil prices higher for consumers in the near term, with brent crude possibly reaching $78 a barrel due to tight inventory and limited alternatives.
For more information:
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