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.
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