markets analysis on behalf of Christopher Tahir – Senior Market Strategist at Exness
26th November 2024: Oil prices steadied in early trading following a significant decline in the previous session, as traders assessed the potential for a ceasefire in the Middle East. The earlier selloff was triggered by reports indicating that the belligerents in the conflict could reach an agreement, alleviating concerns over potential disruptions to Middle Eastern oil supply. As fears of supply disruptions ease, the market could see a more bearish outlook although volatility and some risks could remain if the geopolitical situation changes.
At the same time, OPEC+ could consider maintaining its current production cuts in response to ongoing concerns about weak global demand for oil. In this regard, traders could closely monitor the organization’s next meeting for any changes in production policy.
Furthermore, with the potential for increased U.S. oil production, which has remained near record levels in recent years, the market could anticipate additional supply growth. Considering the prevailing global demand-supply imbalance, along with geopolitical