David Blevings, NIOF said, “Oil prices are extending lower despite the continued conflict in Gaza. Prices are falling on weak economic data which is projecting weaker than normal growth and that affects overall oil demand. The milder weather has also impacted demand and we are now hearing that we could have a modest global supply/demand surplus in 2024. This is great news for consumers, but the caveat is that if the conflict in the Middle East continues and starts to extend into neighbouring countries and supply lines are compromised, we can expect prices to turn positive very quickly”.
