2024 Oil Market Review

Crude oil markets experienced limited activity over the past week as the holiday season reduced trading volumes. With markets closed for New Year’s Day, price movement was minimal, reflecting the lack of major catalysts during the shortened session. Light crude oil futures hovered around $70.55 before surging to $73.73 on Thursday, with most traders remaining on the sidelines until the release of key economic data from the U.S. and China later in the week. Despite the quiet trading environment, the market drew some support from positive economic…