On Wednesday, oil prices showed steady growth, but the pace slowed down despite the ongoing geopolitical tensions. Investors are being cautious, awaiting OPEC+'s decision to extend production cuts amid weak demand. Brent crude futures rose 0.8% to $74.20 per barrel, while WTI contracts rose 0.4% to $70.50. On Tuesday, Brent showed the most significant growth in the last two weeks, increasing by 2.5%. According to analysts, the unstable truce between Israel and Hezbollah, the imposition of martial law in South Korea and the rebel offensive in Syria are factors that support oil prices. These events may involve oil-producing countries in the conflict, which increases pressure on the market. Expectations of a market glut and the influence of the United States and China Despite the current growth, analysts warn of a possible oversaturation of the market in 2025. Weak demand signals from the United States and China, the world's largest economies, raise concerns. Experts note that the slowdown in demand from mainland China indicates difficulties in maintaining a high share of global oil consumption by 2025. US oil reserves: unexpected growth According to the American Petroleum Institute (API), crude oil reserves in the United States increased by 1.2 million barrels over the past week. Gasoline stocks also increased by 4.6 million barrels, despite the celebration of Thanksgiving, when demand usually increases due to increased travel. The U.S. Energy Information Administration will provide official data later on Wednesday. According to analysts' forecasts, oil reserves are expected to decrease by 700 thousand barrels and gasoline reserves to increase by 639 thousand barrels. Waiting for the OPEC+ decision The OPEC+ alliance is preparing to announce an extension of production cuts until the end of the first quarter of next year. This is expected to be confirmed at a meeting on Thursday, and further supply increases will occur gradually during 2025, which supports the stability of oil prices.
联系我们 
