Oil Prices Rebound as Demand Optimism Returns, Ending 7-Week Losing Streak
Crude oil prices are showing signs of breaking a seven-week losing streak as demand optimism and rising geopolitical risk contribute to upward pressure. The recent rally, fueled by improved liquidity conditions and a dovish pivot from the Federal Reserve, may continue. The International Energy Agency's bullish forecast for oil demand in 2024 has also provided support. However, modest gains in oil prices can be attributed to projections of higher non-OPEC supply, which may limit further price gains. Despite heightened geopolitical tensions and bullish reports, oil prices remain relatively close to recent lows.