U.S. Drops Oil Below $80 With Gloomy Options for 2025, Down 5% Today

Written by Eliel Albino

Published on 08/10/2024 at 20:05

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Neither The Conflicts In The Middle East Hold Back The Drop, Says US Department Of Energy; Forecast For 2025 Gets Worse.

If you thought that Oil was immune to such a sharp drop, especially with geopolitical conflicts erupting, brace yourself: the price plummeted more than 5% just today! That’s right, Brent Oil, which everyone thought would soar with the tensions between Israel, Iran, and Hezbollah, simply lost its breath. Blame the United States? Yes! The Department of Energy (DoE) threw a bucket of cold water by outlining a troubling scenario for 2025, and not even the conflicts can hold the price steady.

Today, Brent fell more than 5%, trading at US$ 76.64 per barrel, while WTI follows the same trend and is now at US$ 73.73. And keep in mind that the week started with a price increase, driven by tensions in the Middle East threatening oil supply.

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ARTICLE CONTINUES BELOW

What Did The DoE Say Founded Oil?

The DoE of the United States released a bombshell report: it prevented the forecast for the average price of Brent Oil in 2024 from rising to US$ 81 per barrel, and the worst came for 2025, with an even sharper drop: the forecast, which was US$ 84.09, has now plummeted to US$ 78.00! This, of course, shook the market and helped drive oil prices down.

And why is this drop so detrimental? The Department points out that, despite current trends, the global scenario does not favor a significant increase in oil demand in the near future. The revision takes into account a weaker global growth, which is expected to impact demand for the commodity. Even with the conflicts, the future economic scenario weighed more heavily.

What To Expect For The Future Of The American Economy?

The report did not just bring more news about oil. For the United States, economic variations are even optimistic. The DoE revised upward the US GDP growth, which is now expected to reach 2.7% in 2024, up from a previous forecast of 2.6%. For 2025, GDP growth was also revised upward to 1.9% annually.

What Will Be The Global Impact?

With this new pessimistic projection for oil prices, how will the global market react?

What do you think will happen to oil prices? Will they continue to fall, or will we see a turnaround?

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1 Comment

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Sergio luiz guedes costa

#59073

10/10/2024 09:26

Eo campo de batalha,só interessa a vitóriaaaa é vençer e vençer e vençer sergioguedes eu venço, o Brasil eo país +importante do mundo se empresários brasileiros investirem na carnauba, grafeno,niobio,Ouro,tecnologia está tudo aqui no Brasil é só deixar de ser parasita do governo e investir,com o q tem da para prosperar é só se juntar em um aglomerado próspero para exportar ter grandes lucros,vão ficar para trás quem vai ganhar,lucrar ter lucro é a China q vai dar esmola para vocês e ficar com o q vocês tem vão ser.escravo dos chineses,americanos Árabes,europeus seus ****

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U.S. Drops Oil Below $80 With Gloomy Options for 2025, Down 5% Today

Neither The Conflicts In The Middle East Hold Back The Drop, Says US Department Of Energy; Forecast For 2025 Gets Worse.

What Did The DoE Say Founded Oil?

What To Expect For The Future Of The American Economy?

What Will Be The Global Impact?

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U.S. Drops Oil Below $80 With Gloomy Options for 2025, Down 5% Today

Neither The Conflicts In The Middle East Hold Back The Drop, Says US Department Of Energy; Forecast For 2025 Gets Worse.

What Did The DoE Say Founded Oil?

What To Expect For The Future Of The American Economy?

What Will Be The Global Impact?

Cambodia has started digging a nearly 180-kilometer canal to connect the Mekong River directly to the sea and reduce its dependence on the ports of neighboring Vietnam.

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

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China opens the world’s first school where more than 100 humanoid robots from different brands will study together, each movement will be repeated up to 600 times a day and the data will feed a collective brain that will teach all the robots of the future.

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