Will oil prices break through 100?

"A sharp escalation in geopolitical risks in the Middle East, which accounts for more than a third of global seaborne oil trade, is keeping markets on edge," the IEA said in its closely watched October oil market report.

All this is as discussed in my previous post. The conflict caused the oil price to rise again. The continuation of the conflict will cause the oil price to break above 95 or even reach 100.

However, we need to note that Canadian oil production will grow by about 10% in 2024, and the U.S.'s higher-than-expected inventories and rising interest rate expectations will hinder the rebound in oil prices.

Combined with the overall market conditions and considering that the Middle East is a major crude oil trading region, oil prices are generally bullish.

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