Oil prices fell by about 3% in 2024, declining for the second year in a row with the halt of demand recovery after the Corona pandemic, the challenges facing China’s economy, and the United States and other non-OPEC producers pumping more crude into an abundantly supplied global market.
Brent crude futures rose 65 cents, or 0.88%, to $74.64 per barrel upon settlement, the day before yesterday, the last trading day of the year, and US West Texas Intermediate crude futures rose 73 cents, or 1.03%, to $71.72 per barrel.
The standard Brent crude oil declined at settlement at the end of 2024 by about 3% compared to the end of 2023 at $77.04 per barrel, while the price of West Texas Intermediate crude saw almost no significant change compared to the settlement price at the end of last year.
Last September, Brent crude futures concluded trading below $70 per barrel for the first time since December 2021, and in 2024, Brent crude was widely traded below its highest levels recorded in the past few years as the post-pandemic demand recovery and price shocks faded. Caused by the war between Russia and Ukraine in 2022.
A monthly Reuters poll showed that oil prices are likely to remain around $70 per barrel during 2025, with demand from China expected to decline and supply in the world increasing, which casts a shadow over the efforts led by the OPEC+ alliance to support the market.
Follow our latest local and sports news and the latest political and economic developments via Google news