BANGKOK, Thailand – Thai Oil Public Company Limited (Thai Oil) forecasts that crude oil prices will fluctuate this week (September 2-6, 2024), with West Texas Intermediate (WTI) expected to move within the range of $70-80 per barrel, and Brent crude anticipated to fluctuate between $74-84 per barrel.
The volatility is driven by ongoing tensions in the Middle East and Libya, particularly the political conflict in Libya, which led to the suspension of crude oil production and exports by the Libyan Central Bank. This comes as global economic concerns grow, with both the U.S. and Chinese economies showing signs of slowing down.
In China, the demand for crude oil remains weak, with imports from Russia declining for the fourth consecutive month in July 2024, reaching a 19-month low. China’s overall crude oil imports dropped by 3.1% compared to the previous month.
The market remains concerned about potential risks to oil supplies in Libya and the persistent tensions between Israel and Hezbollah in the Middle East. Additionally, there is speculation that the U.S. Federal Reserve may lower interest rates during its mid-September Federal Open Market Committee (FOMC) meeting, which could influence future crude oil price trends.
