October
15, 2024 – (Investorideas.com Newswire) Investorideas.com, a go-to platform for
big investing ideas releases market commentary from Joseph Dahrieh, Managing Principal at Tickmill
.
Oil prices continue to decline as concerns
over weakening demand as well as new developments in geopolitical conditions
attract attention. Tensions eased following reassurances from Israel that it
will not target Iranian oil infrastructure. This diminished concerns around
potential supply disruptions tied to the ongoing Middle East conflict. As a
result, the fizzling geopolitical risk premium could drive oil prices down as
the immediate danger diminishes.
Meanwhile, weak global demand projections,
particularly from China, have further weighed on oil markets. OPEC recently
downgraded its oil demand growth forecast 2024 while China’s September oil
imports dropped, reflecting weak domestic demand. Record-high U.S. oil production
and softening demand have put additional strain on prices. While geopolitical
tensions could continue to lend some support and prevent sharper declines,
sluggish economic growth in the Eurozone and China suggests a volatile and
potentially bearish outlook for crude prices in the near term.
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