{"id":16009,"date":"2024-12-06T16:10:13","date_gmt":"2024-12-06T21:10:13","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=16009"},"modified":"2024-12-06T16:10:14","modified_gmt":"2024-12-06T21:10:14","slug":"petroleum-daily-report-12-6-2024","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-12-6-2024\/","title":{"rendered":"Petroleum Daily Report 12-6-2024"},"content":{"rendered":"\n

Oil prices fell over 1% on Friday, marking weekly declines as supply surplus forecasts for 2025 overshadowed OPEC+\u2019s decision to delay output hikes and extend production cuts through 2026. Brent crude dropped 97 cents (1.4%) to settle at $71.12 per barrel, while WTI crude declined $1.10 (1.6%) to $67.20. For the week, Brent lost 2.5%, and WTI fell 1.2%.<\/p>\n\n\n\n

The U.S. rig count rose for the first time in eight weeks, with five new oil rigs and two gas rigs added, signaling potential production increases. Weak global demand, particularly from China, and OPEC+\u2019s readiness to ramp up production when prices improve contributed to bearish sentiment. Analysts at HSBC noted that while OPEC+\u2019s decision strengthens short-term fundamentals, it reflects sluggish demand.<\/p>\n\n\n\n

Bank of America forecast Brent prices to average $65 per barrel in 2025 due to increasing surpluses, though demand is expected to rebound by 1 million bpd next year. Meanwhile, geopolitical risks in the Middle East and a mixed U.S. jobs report, showing increased hiring but a higher unemployment rate, added to market pressure.<\/p>\n\n\n\n

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