Ceasefire, OPEC+ Policies, And Trade Tensions Weigh On Near-Term Oil Price Outlook
Date
11/27/2024 2:54:04 PM
(MENAFN- Investor Ideas) Investorideas, a go-to platform for big investing ideas releases market commentary from Milad Azar Market Analyst at XTB MENA.
Crude oil futures could remain under pressure, struggling to recover from two consecutive days of decline. Markets are assessing the impact of a newly brokered ceasefire in the Middle East. This agreement could be a key concern for global oil markets as traders are closely monitoring the stability of the ceasefire. In the short term, the de-escalation of geopolitical tensions could limit the upside potential for crude prices, as risks of immediate supply disruptions recede. However, should the ceasefire fail, prices could quickly rise in response to the renewed risk of supply constraints.
Meanwhile, OPEC+ is considering delaying its planned output increase, originally set for January 2024. The group is weighing this decision due to weaker-than-expected demand, especially from China, and rising output from non-OPEC+ countries. A delay in scaling back production cuts could help support prices to a certain extent although oversupply concerns remain. Recent U.S. data showing a larger-than-expected drop in crude inventories points to a tighter market in the US and could support the market temporarily. However, U.S. President-elect Donald Trump's proposed 25% tariff on imports from Mexico and Canada adds uncertainty.
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