Oil prices end seven-week losing strike and head for positive outlook

<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook-5692449170-iStock-1452806002-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook-5692449170-iStock-1452806002-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook-5692449170-iStock-1452806002-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook-5692449170-iStock-1452806002-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook-5692449170-iStock-1452806002-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook-5692449170-iStock-1452806002-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook-5692449170-iStock-1452806002-500×333.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook-5692449170-iStock-1452806002.jpg 1254w" sizes="(max-width: 250px) 100vw, 250px" /><p>Traders also positioned themselves for improved demand in 2024, anticipating lower interest rates and a strengthened US economy, thus impacting global markets. The IEA supported this notion by slightly revising its oil demand forecast for 2024 this week, although it remained below the projections made by the Organization of the Petroleum Exporting Countries and Allies (OPEC+), which may negatively impact sentiment.</p>
<p>Despite a positive demand outlook for 2024, oil markets are expected to remain well-supplied, partially due to underwhelming production cuts from the OPEC+ group. This factor had exerted downward pressure on oil prices in recent weeks, pushing them to over five-month lows.</p>
<p>Recent data indicates that total US output remains close to record highs, even though US inventories experienced a larger-than-expected decrease. However, fuel demand in the country remained subdued, with gasoline inventories seeing a mild increase.</p>
<hr />
<p><a href="https://finaffiliates.us20.list-manage.com/subscribe/post?u=e0dd4d77c259eb270712a4eeb&amp;id=fd200b8f75&amp;v_id=4291&amp;f_id=00946ce6f0" target="_blank" rel="noopener">Don’t miss out on the latest news, subscribe to LeapRate’s newsletter</a></p>
<hr />
<p>Brent <a href="https://www.leaprate.com/live-market-news/shell-shares-after-new-ceos-focus-on-oil-and-gas/" target="_blank" rel="noopener">oil</a> futures expiring in February rose 0.3% to $76.84 a barrel, while West Texas Intermediate crude futures increased by 0.3% to $72.14 a barrel. These positive signals from the Federal Reserve set the stage for Brent and WTI futures to record their first positive week in eight, with Brent rising by 1.6% and WTI gaining 0.7%.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook/">Oil prices end seven-week losing strike and head for positive outlook</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>