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0 News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/oil-market-faces-selling-pressure-amid-supply-and-demand-concerns/
The oil market is currently under strong selling pressure, with Brent crude futures falling for four consecutive days, now trading below $80.
On the supply side, former President Trump’s declaration of a national energy emergency and his push for U.S. energy independence are contributing to bearish sentiment.
His policies could potentially turn the U.S. into a net energy exporter, a shift that may have lasting implications for global oil prices.
This development comes at a time when OPEC+ is exerting pressure on oil producers to increase output, which could lead to further suppression of price levels. However, any U.S. efforts to ramp up exports or secure new trade agreements with key oil producers could provide some upward momentum for prices.
On the demand side, the global economic slowdown and uncertainties surrounding China’s economic recovery could limit the potential for price increases in the medium to long term. In the short term, the direction of U.S. policies, particularly regarding energy production and trade agreements, will play a key role in shaping the oil market’s trajectory. Traders will be closely monitoring the balance between economic growth, energy security, and policy risks.
Given the ongoing expectation of an oversupply in the market, crude oil prices are likely to remain under pressure. Market watchers will also be looking at how Brent futures behave around the 200-day moving average and near the $75.8 level to gauge the next potential move.
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/oil-market-faces-selling-pressure-amid-supply-and-demand-concerns/
