November 1, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas releases market commentary from Fadi Al Kurdi, founder and CEO of FFA Kings.
Crude oil futures gained momentum due to increasing geopolitical risks in the Middle East in reaction to reports that Iran could be preparing a retaliatory strike. Intelligence reports indicate that this attack could occur before the U.S. presidential election on November 5, potentially involving drones and ballistic missiles. Moreover, market support is strengthened by speculation that OPEC+ may delay a planned increase in oil production due to concerns about weak demand, rising supply and low prices.
At the same time, volatility may persist due to upcoming events such as the U.S. election and potential fiscal measures from China. On the demand side, signs of strengthening are emerging, as U.S. gasoline inventories have reached a two-year low amid rising demand, and manufacturing activity in China has shown growth, reflecting the impact of recent stimulus measures. This backdrop suggests a cautiously bullish near-term outlook for crude prices, as improvements in demand and ongoing geopolitical risks may support upward pressure, despite potential short-term fluctuations.
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