Oil prices end 2024 trading higher due to the surplus in the market

Crude oil futures prices ended 2024 trading on Tuesday with a significant rise, while traders are preparing for a surplus in the market during the new year.
The price of West Texas Intermediate crude, the US oil standard, rose to more than $71 per barrel, with China’s manufacturing sector activity continuing to grow for the third month in a row.
Chinese President Xi Jinping also said that his country will achieve its economic growth target during the current year, which amounts to 5% of gross domestic product, which raised optimism about the recovery of demand for oil in the largest oil importing country in the world.
Bloomberg News Agency indicated that oil prices have been moving in a narrow range since mid-October, which made West Texas Intermediate crude end the year’s trading without a significant change compared to its level at the beginning of the year.

Brent crude price decline

At the same time, the price of Brent crude, the global oil standard, fell by 3%, recording an annual decline for the second time in a row.

At the same time, global markets are preparing for the emergence of surpluses in the supply of oil during the current year, which will impose difficulties for the OPEC Plus grouping of oil-exporting countries to gradually increase production.
Some investment banks expect oil prices to continue to weaken over the next two years.
On the New York Mercantile Exchange, the price of West Texas Intermediate crude rose by 0.9% to $71.62 per barrel for delivery next February.
While Brent crude rose by 0.8% to $74.58 per barrel for March delivery.