Oil Market Conditions: WTI Oil Closes at $1.59, Monitors Middle East Situation – US Elections by InfoQuest

InfoQuest – West Texas Crude Oil (WTI) futures in New York closed higher on Friday (October 25) as investors assessed the ongoing conflict situation in the Middle East. including elections in the United States That will take place next month.

WTI crude oil contract for December delivery. rose 1.59 or 2.27% to close at 71.78 dollars/barrel.

Brent crude oil contract (BRENT) for delivery in December. rose $1.67 or 2.25% to close at $76.05/barrel.

This week WTI futures increased 3.7% and Brent crude futures increased 4%.

Investors around the world are expecting more volatile trading over the next two weeks. Ahead of the US election on November 5 and the Japanese election on October 27, three central banks will meet to decide on interest rates. Includes the announcement of the British government’s new budget.

Both WTI and Brent futures were volatile this week. He rose on Monday and Tuesday. before it falls on Wednesday and Thursday. This is largely due to predictions of increasing or decreasing threats in the Middle East.

Investors are still waiting for Israel’s response to the October 1 missile attack from Iran. The retaliation may involve an attack on Iran’s oil infrastructure. However, news reports indicated last week that Israel will attack military targets more than it will attack nuclear or oil targets.

Investors are still looking for more clarity on China’s economic stimulus policies. Although analysts do not expect that Even if these measures increase oil demand significantly,

Goldman Sachs forecast Thursday (October 24) that Brent crude oil prices in 2025 will be between $70-85 per barrel. It is expected that the impact from China’s economic stimulus measures will not be much compared to other important factors such as oil supplies from the Middle East.

Bank of America (Bank of America) expects that Friday Brent crude prices will average $ 75 per barrel in 2025 if OPEC + does not lift production cuts until next year.

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