Oil is an energy that has the potential to increase in demand ahead of the winter season, which is usually used for heating. This could affect the increase in oil prices in the near future. Plus the effect of Donald Trump being elected as President of the United States has the potential to affect the World Oil Price in the long term due to Trump’s Energy policy which is more supportive of fossil energy.
In fact, based on seasonality data, there will be a potential uptick in oil prices throughout the 4th quarter on the back of increased demand for winter preparations in America.
Medium-term Oil Price Outlook
USOIL prices were stuck in the 66.00 support area after OPEC+ signaled to hold global oil supply throughout the winter until early March 2025. Consequently, in the medium-term projection, USOIL prices have the opportunity to rise 10% to the level of 80.00 per barrel until the 1st quarter of 2025.
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