Oil Market Heats Up: Prices Rise for Third Consecutive Week for OANDA:WTICOUSD by NaranjCapital

Oil Market Heats Up: Prices Rise for Third Consecutive Week

◉ Key Factors Driving Oil Prices:
1. Increased Winter Fuel Demand: As temperatures drop in the Northern Hemisphere, demand for heating fuels like diesel and gasoline is rising, supporting oil prices.
2. Supply Constraints: OPEC+ has been maintaining production cuts, limiting global oil supply and contributing to higher prices.

◉ Market Updates:
● Over the past three weeks, Brent crude has surged over 6%, and WTI has jumped more than 7%.

◉ Technical Observations:
● The oil price has broken through its long-term trendline resistance, positioning itself for further gains.

◉ Future Outlook:
● JPMorgan predicts a 1.6 million barrels per day increase in global oil demand in Q1 2025, driven by heating oil and LPG demands.
● Geopolitical factors, including new U.S. sanctions on Russia, may impact supply dynamics.

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