Oil Prices Face Uncertainty Amid Geopolitical Tensions and Demand Concerns

Analysts predict steady prices despite Middle East conflicts and fluctuating demand from major consumers like China.

Brent crude is forecasted to average $83.66 per barrel in 2024, with U.S. crude at $79.22 per barrel.
Geopolitical risks, particularly in the Middle East, are influencing market stability.
China's economic challenges and transition to electric mobility are reducing oil demand.
Despite recent escalations, oil prices have been sliding due to broader economic concerns.
OPEC+ is expected to maintain current production cuts until the end of 2025.