Today is the last day of the year, and on Tuesday morning, the price of crude oil in the global market has increased slightly. This situation has arisen mainly due to decreased demand from the main oil-consuming regions. The report mentions that, overall, the demand for oil in the global market is not expected to increase significantly. As a result, oil prices are trending downward. The United States’ strategic oil reserves are decreasing; last week, the reserves also decreased by 3 million barrels or 30 million barrels.
In the week ending December 20, the rate of reduction in the U.S. strategic reserves was higher than expected. The increase in demand for oil is believed to be due to the rise in travel during the holiday season, which has led to a price increase. A U.S.-based multinational investment bank predicts that oil prices will not rise significantly in 2025. The price of oil may drop to $60 per barrel in the coming year. The report also attributes the existing instability in the oil market to geopolitical tensions in West Asia and the Middle East.
Source: Prothom Alo
