Crude Oil Closes 2024 with Falling Prices
Crude oil prices in the international market are on track to record losses in 2024. This marks the second consecutive year of declining prices, primarily driven by geopolitical conflicts and a stronger dollar.
Brent crude, the benchmark for markets in regions such as the Middle East, Europe, and Africa, has seen a 4.91% decline from $77.04 per barrel on December 29, 2023, to $73.26 per barrel as of December 27, 2024, marking its second year of losses.
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West Texas Intermediate USOIL, primarily a reference point for the U.S. oil market, experienced a 2.41% decrease from $71.65 per barrel to $69.92 per barrel, also marking its second consecutive annual decline.
Oil Outlook and Drivers
On the demand side, China continued to drive global oil consumption, while on the supply side, moderate global economic growth helped stabilize the market. Key contributors to this balance included production levels from the Organization of the Petroleum Exporting Countries (OPEC), Russia’s role in supply, and increased U.S. production. These factors helped maintain relative stability despite ongoing geopolitical conflicts, particularly in the Middle East.
One of the main drivers of oil price behavior this year was global economic uncertainty. Concerns over potential interest rate adjustments in advanced economies such as the United States, the European Union, and Japan played a significant role.
Additionally, geopolitical conflicts in the Middle East were key factors influencing price fluctuations. Throughout the year, the region faced significant tensions, including heightened hostilities between Iran and Israel, as well as internal conflicts in Iraq and Yemen. These events raised concerns about oil supply stability, given that the Middle East accounts for 30% of global production.
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