Crude Oil Futures Reach 2024 Highs Amid Rising Demand - Weekly Update

Thursday, 14 March 2024, 19:06

Crude oil futures settled at $81.26, the highest since November 6, 2023, indicating a bullish trend. The price surge is supported by technical analysis breakout above key resistance levels and IEA's optimistic oil demand growth forecast for 2024, fueling market momentum and investor confidence.
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Crude Oil Futures Reach 2024 Highs Amid Rising Demand - Weekly Update

Crude Oil Futures Surge to Year's High

Crude oil futures settled at $81.26, up $1.54 or 1.93% - the highest since November 6, 2023. The price surpassed the 2024 high at $80.67 and the 50% midpoint of the previous move, signaling bullish momentum.

Technical Analysis and Outlook

  • Breakout Above Resistance: Price extended above key levels, including $81.37, indicating a bullish bias.
  • 2024 Performance: Despite a 13.36% increase this year, crude oil remains below the 2024 high of $95.03.

The IEA's revised oil demand growth forecast for 2024 raised to 103.4 million BPD by 110k BPD added impetus to market sentiment.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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