Posted 1/29/2024, 2:00:49 PM
Oil Prices Ease After Hitting 12-Week Highs But Remain Supported by Solid Fundamentals
- Crude oil prices have retreated after recent strong gains took them to 12-week highs above $78/barrel
- Near-term fundamentals remain supportive for crude prices, but demand outlook uncertain
- Market focus on potential US retaliation for deadly attack on troops in Middle East
- Oil prices supported by hopes for more stimulus from Beijing and lower US interest rates
- After recent sharp gains, some consolidation likely but uptrend remains in place barring steep selloff