Global oil prices are expected to stay in the $70 to $80 per barrel range in 2025, similar to 2024, while geopolitical risks create uncertainty around supply, Russell Hardy, CEO of Vitol, the world's largest independent oil trader, said on Thursday.
Geopolitical tensions and Gulf supply risks drive oil and natural gas prices higher. Read our latest forecast for market movements and key levels to watch.
The oil and natural gas markets exhibit strong volatility and are seeking direction, while the US Dollar Index has surged following the US election.
WSJ's Heard on the Street columnist JinJoo Lee explains why oil prices fell the morning after the election even as major oil companies rallied. #Trump #Oil #WSJ
U.S. crude oil inventories rose last week as imports grew, and stocks of gasoline and distillate fuels increased with refineries raising their capacity use.
Gasoline inventories increased by 0.4 million barrels from the previous week.
The election has come and gone, and it looks like oil is feeling the pinch. Afterall, the Trump Administration, with he help of the Republican Seante and House, will open up more drilling the USA, as one of their biggest goals.
U.S. oil producers are looking forward to less regulations on crude production under a Donald Trump presidency, meaning higher oil supply and consequently lower prices. But it's not that straightforward: Trump has also vowed to put more sanctions on Iranian and Venezuelan barrels, meaning the global market could become tighter, potentially boosting prices.
Oil futures fell Wednesday, feeling the heat from a sharp rise in the U.S. dollar after former President Donald Trump won the U.S. presidential election.
Dollar strength post-Trump victory pressures oil demand, pushing crude prices lower. Rangebound with key levels at $69.98 to $69.21 support and $71.73 to $73.15 resistance.
Oil prices struggle to rebound with rising U.S. crude inventories and a stronger dollar. Key resistance levels must break to regain bullish momentum.
Oil prices were lower in early Asian trade as investors closely watched the U.S. election results. Overall, if Trump becomes president, his policies are likely to be neutral to slightly bullish for the oil market, ANZ Research said.