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Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil ends the week with growth amid geopolitical uncertainty

October, 25 2024
watermark Economic news

The oil market ended the week with growth, recovering some of the losses on Monday and Tuesday. Brent crude futures rose 0.77% to $75.15 per barrel, while U.S. WTI rose 0.85% to $70.79, despite continued uncertainty in the Middle East.


Traders are closely monitoring the development of the situation in the Gaza Strip, where ceasefire negotiations are expected to resume. Tensions in the Middle East caused by Iran's missile attacks and the expected Israeli reaction are putting pressure on oil prices. Some analysts predict that possible strikes on Iran's oil infrastructure could lead to higher prices.


At the same time, expectations regarding China's stimulus policy have a restraining effect on the market. Despite hopes for an increase in oil demand, experts do not expect that Chinese measures will have a significant impact on prices.


Goldman Sachs confirmed its forecast for oil prices at $70-85 per barrel for Brent in 2025, citing that the impact of Chinese incentives will be modest compared to other factors such as the supply of oil from the Middle East.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.