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Oil prices edged up following the US forces' defeat of the Houthis in the Red Sea

By Rana Gharib
02 Jan,2024
Oil prices edged up following the US forces' defeat of the Houthis in the Red Sea

Oil prices spiked in the opening session of 2024 on Tuesday  buoyed by the likelihood of Middle East supply disruptions after a naval clash took place in the Red Sea, with expectations of robust holiday demand and an economic stimulus in China.

Brent crude added 1.7% to $78.32 per barrel meanwhile US WTI advanced by 1.5% at $72.69 per barrel.

According to Reuters, the average of Brent crude is projected to be at $82.56 per barrel during 2024, a bit higher than last year average at $82.17, whereas demand is anticipated to be restrained by slow global economy, while geopolitical concerns may buoy the price.

As government data revealed on Sunday that manufacturing activity in China contracted for a third consecutive month in December, investors' projections for additional stimulus measures increased.

A stimulus might sustain prices and provide a bolstered hope for economic growth, which could increase the demand for oil.

 

 

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