A

1.Slow Global growth

In 2024 the IMF forecasts global growth to be around 2.9%, mainly due to high inflation, high cost of living, high interest rates and geopolitical tensions

These factors contribute to a weak demand for crude oil in the global market as the world recovers post pandemic and from a recessionary situation prevalent globally

Slow growth overall is expected to keep oil prices at around $82/barrel in 2024, but other factors such as Geopolitical tensions and developments in the middle east can put upward pressure on crude oil prices. USA and China alone account for around 20.3% and 13.2% of global oil consumption and the current slowdown in these economies are some of the reasons for the bearish sentiments in the oil markets

B

2 Supply disruptions from Russia-Ukraine war especially to the Euro Zone

C

3.Stabilization of inflation

D

4.US Fed Interest rate cuts

E