The price of Texas Intermediate Oil (WTI) closed this Monday with a drop of 0.32%, to $69.24 a barrel, due to operators’ continued concerns about an excess in supply next year and the strengthening of the dollar.
At the close of the session in the New York Mercantile ExchangeUS crude oil contracts for delivery in January lost 22 cents compared to the previous session.
On Christmas Eve, where the market also remains less active than usual, the concerns on global demand trends continue to weigh on the market.
So, oil prices could stagnate in 2025, as the weakness of Chinese demand poses an uncertain outlook to which is added an abundant global supply of crude oil, despite delays from the Organization of Exporting Countries of Oil. Oil and allies (OPEC+) in terms of their increased production.
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The futures of texas oil They already fell 2.6% last week, due to concerns about global economic growth and demand for black gold, after the Federal Reserve (Fed) called for moderation regarding greater easing of monetary policy.
This general feeling of caution is also stimulated by uncertainty about market developments next year, when the president-elect, donald trump will return to the White House.
In fact, Trump himself hinted that he could try to regain control of the Panama Canalwhich the United States ceded to its Central American ally, arguing that ships are charged “exorbitant” rates to transit this river enclave.
Warning
Trump also urged on Friday the European Union to increase imports of oil and gas from the United States if it did not want to suffer the increase in tariffs exports of the community block.
Elsewhere, the US dollar was hovering around two-year highs on Monday morning, having reached that milestone on Friday, causing oil be more expensive for holders of other currencies and affects demand.
In other markets, natural gas contracts for delivery in January fell to $3.65 per thousand cubic feet, and gasoline prices for the same period also fell to $1.93 per gallon.
