My forecast is that oil prices

My forecast is that oil prices will continue to drop. Here are the reasons why:

- The US Energy Information Administration (EIA) predicts Brent crude oil to stay near $90 per barrel for 2024 before dipping to $85 in 2025 due to rising production.

- Current Trends: Oil prices have recently dipped after a period of growth. This could indicate a correction or a potential downward trend.

- Supply and Demand: Geopolitical tensions and OPEC+ production cuts are keeping supply tight, which could put upward pressure on prices. However, a potential global economic slowdown could decrease demand for oil.

- Inventory Levels: Rising US crude oil inventories suggest a potential supply glut, which could lower prices.

Iran-Israel Tensions: Will Oil Rebound or Hit New Low?

The sharp drop in oil prices has also led major Wall Street banks to lower their target prices. Goldman Sachs predicted an average oil price of $76 per barrel in 2025. The bank’s analysts noted that geopolitical risk premiums are limited, with no significant impact currently on Iran's supply facilities. Citigroup also adjusted its Brent crude oil price forecast for Q4, lowering it from the previous $74 per barrel to $70 per barrel. ----------------- Will oil hit new low? Or time to rebound?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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