$1 a barrel tumble by crude oil prices

Growing U.S. oil inventories sent crude oil prices sliding by a dollar a barrel in Wednesday’s trading. Investors fear the growing crude inventory could result in less demand for oil in the nation.

West Texas Intermediate, the US benchmark, dropped $1.23 or 1.6% to settle at $76.64 a barrel on the New York Mercantile Exchange.

Analysts Say Oil Prices Unlikely To Hit $100 In 2024

OPEC+ faces record-breaking U.S. oil production and rising supply from other non-OPEC+ producers, including Brazil, Guyana, Canada, and Norway.
Barring a major geopolitical escalation resulting in a large supply outage, oil prices are unlikely to reach $100 a barrel in 2024.
Paul Sankey: Record-high U.S. oil production is a “huge problem” for OPEC+

Oil Prices Rise as Fed Pivot Boosts Demand Optimism

Oil prices continued to climb on Thursday, with WTI up above $70 and Brent rising to $75.60.
Optimism around both economic growth and oil demand was boosted on Wednesday when the Fed signaled it would cut interest rates next year.
The Fed’s comments also triggered a rally in stocks, bonds, and gold, and sent the U.S. dollar to a four-month low.

Saudi Arabia Cuts the Price of Its Flagship Crude for Asian Buyers

Saudi Arabia reduced the official selling price of its flagship crude by $0.50 per barrel for Asian buyers in January.
This is the first price reduction in seven months, although it is a smaller reduction than analysts had expected.
The move was in response to intensified international competition after OPEC production cuts pushed Middle Eastern oil prices higher.