Topic 3: CRUDE OIL: CLASHING THROUGH

The crude oil prices experienced notable fluctuations in November 2024. In the beginning of the month, it peaked due to Middle East tensions touching approximately $80.90 per barrel. The price rise was driven by fears surrounding potential disruptions to oil supply. Mid-November, it came back to normal at $72 per barrel, as oversupply was a concern since demand weakened from China and also Libya resumed production. By late November, prices stabilized around $70 per barrel, with Brent crude priced at approximately $72.6. The prices stabilised due to cautious market sentiment as traders adjusted to the new demand forecasts and OPEC+ production strategies. Iran- Israel conflict initially spiked the prices and also the OPEC+ alliance decision to postpone planned production contributed to tighter supply. In the future oversupply will be a concern due to the anticipated unwinding of production cuts starting from January 2025. Sluggish oil demand from major consumers like China and North America played a crucial role in driving prices down. Reports indicated that Chinese refinery throughput was declining, further dampening global demand expectations. Due to uncertain factors, the Crude Oil prices would remain volatile in December 2024.



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