Analysts Predict a Challenging Year for Oil Prices in 2024

Oversupply, weak prices, and lukewarm demand growth are the three horsemen of low oil prices that analysts expect to become the most probable scenario for this year. The only factor that could potentially offset the effects of these factors is the situation in the Red Sea.  After booking their first annual loss after 2020, oil prices staged a hesitant recovery over the first week of the new year, driven by continued Houthi attacks on container ships in the Red Sea, although they remained wary of targeting tankers, which are still moving freely…