Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Oil prices were mixed in early Asian trade as market sentiment was weighed by persistent concerns of weak demand in China.
CFRA Research Energy equity analyst and deputy research director Stewart Glickman joins Asking for a Trend to discuss his outlook on oil prices (BZ=F, CL=F). Glickman forecasts "mediocre" crude oil pricing for 2025, projecting WTI crude at around $65 per barrel and Brent crude at "somewhere close to $70.
Stronger dollar, China's weak economy, and rising U.S. output lead to bearish oil trends. What's next for crude futures?
The crude oil markets have been somewhat sideways overall, as the markets continue to try to sort out how the global economy is going to be moving going forward. All things considered; this is a market that is searching for some kind of momentum.
The crude oil markets continue to see a lot of noise, as we are hanging out just above a major support level in both grades that I follow here at FX Empire. All things being equal, this is a market that looks like it is sticking to the range.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump's election victory.
Oil futures were slightly lower Friday and on track for weekly losses, plagued by a jump in the U.S. dollar and continued worries over demand from China, the world's largest crude importer.
24/7 Wall St. Insights The October consumer price index shows that low oil and gasoline prices have kept inflation in check.
Geopolitical tensions and weak Chinese demand weigh on natural gas and oil prices, with technical indicators suggesting bearish market momentum.
Oil prices edged down early on Friday as oversupply concerns and demand worries stemming from a stronger dollar outweighed a steep draw in U.S. fuel stocks.
BP's transition to a green, renewable business model has led to a significant decline in oil production and financial performance. The pivot back into oil will not succeed. BP's 2024 profits plummeted from $14.9 billion to $2.34 billion, with revenues down 9% and net debt increasing by $2 billion. BP's oil output has been declining by about 10% annually since 2017, with only 3.75 billion barrels in proven reserves remaining, which will make it hard to increase production.