Oil Market Outlook: 2024 Oil Demand Increases


 Oil prices are seen to have risen since yesterday. This follows after the International Energy Agency (IEA) issued a report that oil demand is expected to increase by 1.1 million barrels per day in 2024.

China, which is one of the main industry players, is seen as the trigger for the increase in oil demand next year.

Dollar Index Weaknesses and Central Bank Influence

The American dollar was traded low after the FOMC meeting when the Federal Reserve showed signs of interest rate cuts to be implemented in 2024, this could trigger "dominance" of the oil market where international industry players such as China could buy at a lower price.

WTI Oil Market Analysis

Increased industrial demand and the fall of the US Dollar are seen to be able to support oil to trade higher. From a technical perspective, the price of oil can reach the level of $80.54.

The price of $71.10 will be the focus, if this price level cannot be broken, $75.54 will be tested before continuing the increase to the price level of $80.54. But if it's the other way around, $68.00-$66.00 will be the focus of buyers.