Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil market: Fragile stability in an uncertain environment

    Oil market: Fragile stability in an uncertain environment

    November 28, 2024
    Share
    Facebook Twitter LinkedIn WhatsApp
    *World oil markets battle glut.

    – Geopolitical tensions keep volatility in sight

    Lagos — The global oil market has been characterized by fragile stability in an uncertain environment even as geopolitical tensions keep volatility in sight.

    “Oil prices have shown signs of relative stabilization this week after a bearish start. According to the report from the U.S. Energy Information Administration (EIA), crude oil inventories in the United States dropped by 1.8 million barrels for the week ending November 22, surpassing market expectations of a 1.1 million-barrel decline. This data provided temporary support to WTI futures, which are holding around $68.5 per barrel after two consecutive losing sessions.

    However, concerns over weak global demand and persistent abundant supply continue to dominate the outlook. These conditions have limited the market’s ability to establish a clear direction, leaving investors in a state of uncertainty.

    On the geopolitical front, the temporary truce between Israel and Hezbollah has helped ease tensions in the Middle East, but recent statements from Israeli Prime Minister Benjamin Netanyahu have raised doubts about the durability of this agreement. This factor, combined with anticipation surrounding the upcoming OPEC+ meeting on Sunday, continues to weigh on market sentiment.

    The OPEC+ meeting will be crucial in determining the short-term direction of oil prices. Cartel members and their allies will discuss the possibility of delaying a planned production increase, a move that could ease fears of oversupply in a context of weakened demand. Decisions made at this meeting will be closely monitored, as they could provide a clearer direction for prices in the coming weeks.

    Meanwhile, the Canadian oil industry has expressed concerns about potential tariffs proposed by President-elect Trump, warning that these policies could increase energy costs for U.S. consumers, adding another layer of complexity to the energy outlook.

    In summary, the oil market faces apparent but fragile stability, shaped by opposing factors such as inventory impacts, geopolitical tensions, and key OPEC+ decisions.”

    *Analysis by Quasar Elizundia, Expert Research Strategist – Pepperstone

    Related News

    Military efforts slash crude oil theft, as Minister hails Armed Forces

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    Petrol marketers supply 20m litres daily without subsidy – Edun

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    FG, States, LGCs share N1.659 revenue in May 2025

    June 22, 2025

    Military efforts slash crude oil theft, as Minister hails Armed Forces

    June 22, 2025

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    June 22, 2025

    Rivers, Bayelsa left out as FG delivers life jackets to Kwara over boat mishaps

    June 22, 2025

    Nigeria commits $200m to health, eyes BRICS partnerships

    June 22, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.