News Digest: Will crude oil gain some ground in 2024?

February 14, 2024

News Digest:

Crude futures ended 2023 with losses of over 10% amidst continued geopolitical turmoil and concerns over the output levels of major global producers. A report published by Nasdaq notes now that crude prices will likely remain volatile over 2024, creating multiple trading opportunities for nimble participants.

Nearby NYMEX WTI crude oil futures settled at $71.65 a barrel at the end of 2023 with ICE Brent Futures around $77.04. Though the commodity did not see any runaway on the upside, the active month WTI and Brent Futures jumped during January 2024. The futures indices had declined by 10.7% and 10.2% respectively in 2023. The ten-year NYMEX WTI chart shows a drop from $80.26 at the end of 2022 to $71.65 at the end of 2023, while Brent crude oil prices dropped from $85.91 to $77.04.


The uptick in crude oil prices since late 2023 has been slow and steady, notes the report while noting that the most significant factor for the market continues to be the ongoing, spreading, and escalating conflict in the Middle East.

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