OPEC Forecasts an Increase in Oil Demand in 2024

[radex78]

Yesterday oil prices were observed to rise to 74.13 for WTI oil, while UK Brent oil rose to 78.93.

Quoting a report from the FXOpen blog, OPEN increased its forecast for oil demand in 2024

OPEC expects global oil demand to increase by 2.25 million bpd in 2024, representing a 2.2% increase compared to 2023.

In 2025, OPEC predicts a demand increase of 1.85 million barrels per day, reaching 106.21 million barrels per day. It is anticipated that the growth in oil consumption in 2025 will be driven by China, the Middle East, and India.

The chart image above shows the oil price graph on the Ticktrader terminal FXOpen for US Crude oil.

It appears that the price since January 17 has formed a bullish candle showing an increase in price after reaching a low point of 70.58.

The price even managed to cross the middle band line and tried to continue rising. The next target is near the upper band line at resistance zone 75.

In general, since December prices have still moved within the daily range of 75 and 69 even though the escalation of the war in the Red Sea has given new international geopolitical tensions.

On the other hand, the RSI indicator shows the price at level 49 which could mean the price is below the downtrend level.

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However, margin trading using leverage has high risks that need to be considered as an investment. As the golden rule of investing money in high risk business, only spent money can afford to lose.