Despite a slight increase on Friday, oil prices are expected to decline for a third consecutive week. This decline can be attributed to the easing concerns over supply disruptions caused by the Israel-Hamas conflict. As the tensions between the two parties have eased, the focus has shifted back to concerns about the demand for oil. These demand worries have taken precedence in the market, leading to the anticipated drop in prices.
The Israel-Hamas conflict initially sparked fears of potential disruptions in the oil supply, which caused prices to rise. However, as tensions have deescalated, the market has refocused on other factors, particularly the global demand for oil. With the ongoing impact of the COVID-19 pandemic and various economic uncertainties, concerns about the level of demand for oil have resurfaced. As a result, analysts predict that oil prices will continue to decline in the coming week.
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