OPEC Forecasts an Increase in Oil Demand in 2024

Yesterday oil prices were observed to rise to 74.13 for WTI oil, while UK Brent oil rose to 78.93.

Quoting a report from the FXOpen blog, OPEN increased its forecast for oil demand in 2024

OPEC expects global oil demand to increase by 2.25 million bpd in 2024, representing a 2.2% increase compared to 2023.

In 2025, OPEC predicts a demand increase of 1.85 million barrels per day, reaching 106.21 million barrels per day. It is anticipated that the growth in oil consumption in 2025 will be driven by China, the Middle East, and India.

[img]https://i.imgur.com/4EexLvk.png[/img]

The chart image above shows the oil price graph on the Ticktrader terminal FXOpen for US Crude oil.

It appears that the price since January 17 has formed a bullish candle showing an increase in price after reaching a low point of 70.58.

The price even managed to cross the middle band line and tried to continue rising. The next target is near the upper band line at resistance zone 75.

In general, since December prices have still moved within the daily range of 75 and 69 even though the escalation of the war in the Red Sea has given new international geopolitical tensions.

On the other hand, the RSI indicator shows the price at level 49 which could mean the price is below the downtrend level.

For oil trading, you can use the FXOpen Ticktrader platform to access multiple markets on CFD trading, forex, indices, stocks, cryptos, ETFs.

However, margin trading using leverage has high risks that need to be considered as an investment. The golden rule of investing money in high-risk business, only spend money that afford to lose.

  In this current year, opec reall expected the hight posive growth of  global oil demand to rise up to2.2 million barrel per day as against the recently out gone year,2023, according that report from the group,this demands will remain continuous in positive direction and to probably exceed the supplicaion level.

 That happen due the economic related and significant energy development.

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But the disadvantage of foresting trading is that if you don't know what you are doing and are not careful, you stand the chance of losing your fortune except you adopt the idea of trading with residual income

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