INTERNEWSTIMES.COM – Crude oil prices have declined despite escalating conflict in the Middle East. Traders are currently more focused on weak demand in China and the potential for increased oil production from OPEC+ in December.
Although the conflict in Lebanon has intensified, crude oil prices have not reacted significantly. This suggests that other factors, such as global demand and OPEC+ production policies, are having a greater influence on oil prices at the moment.
Saudi Arabia, the leader of OPEC, may be taking advantage of this situation to pressure members who are not complying with production targets. Bob McNally, president of Rapidan Energy, predicts that Brent prices could fall to $60 per barrel or lower in 2025.
Analysts predict that oil prices will continue to be under pressure in the coming months, as the factors driving down prices are expected to persist. (Red)
