Friday 22 Nov
Oil prices dipped this week as investors grappled with uncertainty following the U.S. presidential election. While China's recent stimulus measures failed to significantly boost market sentiment, concerns over global demand, particularly from China, weighed on prices.
West Texas Intermediate (WTI) crude oil traded within a narrow range, fluctuating around the $70 per barrel mark. Brent crude also remained relatively subdued, trading below $74 per barrel.
Market participants expressed
mixed views on the potential impact of the new U.S. administration on oil
prices. Some analysts believe tighter oil sanctions on Iran could support
prices, while others are concerned about the potential for increased domestic
production in the U.S. and the impact of trade policies on global demand.
In addition to geopolitical factors, other market influences included OPEC+'s decision to extend production cuts, disruptions to U.S. Gulf Coast production due to a recent storm, and the Federal Reserve's monetary policy decisions.
