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Oil prices rallied significantly with WTI crude reaching $80.04 and Brent hitting $82.03 per barrel, driven by winter demand and concerns over U.S. sanctions on Russia.
The market is responding to multiple factors: eight consecutive weeks of U.S. crude inventory drawdowns, speculation about the incoming Trump administration’s stance on Iran, and the International Energy Agency’s forecast of 1.05 million barrels per day demand growth in 2025.
Meanwhile, Constellation Energy’s acquisition of Calpine for $16.4 billion is reshaping the power sector landscape.
The market is also closely watching U.S. crude inventory levels, which have declined for eight consecutive weeks, contradicting earlier predictions of an oil glut.
