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 Crude Oil Prices Rebound After Seven Week Decline!





Crude oil prices rebounded last week, after a seven long week slump with West Texas Intermediate (WTI) rising on three out of five trading days where WTI closed at $67.18 per barrel, slightly above previous Friday’s closing at $67.04 (Midland Reporter-Telegram).


The market remains highly uncertain, influenced by demand-supply dynamics and the geopolitical tensions. A quick end to the Russia-Ukraine war could ease global supply constraints which would reintroduce Russian oil in the global markets and drive down prices. Meanwhile, in its March Short-Term Energy Outlook, the Energy Information Administration (EIA) projected that WTI will end the year around $60 per barrel, with a potential range between $40 and $100. The agency also predicts tight global oil market conditions until mid-2025, after which inventory builds could exert downward pressure on prices. Additional factors contributing to volatility include tariff policies affecting demand, potential developments in the Russia-Ukraine conflict, global sanctions on major producers like Russia, Iran, and Venezuela, and increased supply from non-OPEC+ producers in the USA. Market participants are keeping a close watch on geopolitical developments and fundamental supply-demand trends for further guidance on future price movements.

As energy markets navigate these complexities, traders and analysts will remain on high alert for shifts in supply, demand, and geopolitical risks that could influence crude oil prices in the coming months.

What are your thoughts on the impact of geopolitical events on oil prices in coming months?



Source: Midland Reporter-Telegram (MRT), https://www.mrt.com/business/oil/article/crude-prices-rise-russia-ukraine-20222303.php

https://www.msn.com/en-us/money/markets/crude-prices-rise-after-seven-week-decline-amid-war-concerns/ar-AA1AWZAC

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