INSUBCONTINENT EXCLUSIVE:
The oil market experienced a notable shift on Thursday, November 7, 2024
saw its January 2025 contracts close at $75.63 per barrel
This marked a 0.94% increase on the Intercontinental Exchange in London.Similarly, West Texas Intermediate (WTI) crude for December delivery
rose by 0.93% to $72.36 per barrel on the New York Mercantile Exchange.Several factors contributed to this upward movement in oil prices
The approaching Hurricane Rafael, which began as a tropical storm in the Caribbean earlier this week, played a significant role.Oil Prices
Rise as Hurricane Rafael Approaches and Dollar Weakens Post-Trump Election
The central bank reduced rates by 25 basis points, bringing the target range to 4.50%-4.75%.This move typically stimulates economic activity
and energy demand, supporting oil prices
lead to stricter enforcement of U.S
sanctions against Iran, a member of OPEC
The oil market remains sensitive to geopolitical events and economic policy changes.In short, as these factors continue to evolve, they will
likely shape the trajectory of crude prices in the coming months.Market participants will closely monitor these developments to gauge their
potential impact on global oil supply and demand dynamics.
