Long

Oil Market Heats Up: Prices Rise for Third Consecutive Week

◉ Key Factors Driving Oil Prices:
1. Increased Winter Fuel Demand: As temperatures drop in the Northern Hemisphere, demand for heating fuels like diesel and gasoline is rising, supporting oil prices.
2. Supply Constraints: OPEC+ has been maintaining production cuts, limiting global oil supply and contributing to higher prices.

◉ Market Updates:
● Over the past three weeks, Brent crude has surged over 6%, and WTI has jumped more than 7%.

◉ Technical Observations:
● The oil price has broken through its long-term trendline resistance, positioning itself for further gains.

◉ Future Outlook:
● JPMorgan predicts a 1.6 million barrels per day increase in global oil demand in Q1 2025, driven by heating oil and LPG demands.
● Geopolitical factors, including new U.S. sanctions on Russia, may impact supply dynamics.

NaranjCapital

🌐 naranjcapital.com
🎖️ CMT (usa) & CFTe (usa) chartered

🇺🇸 Telegram - USA Stocks Trading Advice
t.me/Naranj_USA

🇸🇦 Telegram - Saudi Stocks Trading Advice
t.me/Naranj_KSA

🤝 Contact Us
bio.link/NaranjCapital

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.