Crude Oil Futures End 2024 on a High Note
As the clock struck midnight on the last day of the year, crude oil futures surged forward, buoyed by encouraging economic data from China. The West Texas Intermediate (WTI) crude oil futures ended 2024 with a modest 0.1% gain, closing at $71.72 a barrel. In contrast, Brent crude oil futures took a hit, plummeting 3.1% over the course of the year to settle at $74.64 a barrel.
Geopolitical Tensions Fail to Disrupt Supply
Despite heightened geopolitical risks in Ukraine and the Middle East, the Brent market had braced itself for a potential supply cutoff that ultimately never materialized. According to Phil Flynn, an expert at the Price Futures Group, the U.S. economy proved to be a bright spot, outperforming many other regions around the world.
A Year of Ups and Downs for Crude Oil
The past year has been marked by significant volatility in the crude oil market. While Brent crude oil futures struggled to gain traction, WTI crude oil futures managed to eke out a small gain. As the global economy continues to evolve, it remains to be seen how crude oil prices will fare in the year ahead.
China’s Economic Data Provides a Boost
The positive economic data from China played a significant role in boosting crude oil futures on the last day of the year. As the world’s second-largest economy, China’s performance has a ripple effect on global markets. The encouraging data helped to offset concerns about slowing economic growth and provided a much-needed shot in the arm for crude oil prices.
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