Oil prices rose slightly on thin holiday trading to close out a flat performance in 2024, with traders bracing for a potential global surplus next year. West Texas Intermediate (WTI) oil gained 1% to settle at $71.72 a barrel, while Brent advanced 0.3% to reach $74.64 per barrel. The market’s focus is on the expected increase in global supply in 2025, leading to concerns of oversupply and potentially lower prices.
Source: https://www.bloomberg.com/news/articles/2024-12-30/latest-oil-market-news-and-analysis-for-dec-31