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Oil prices declined on Thursday, with Brent crude falling 1.29% to $80.97 and WTI dropping 1.87% to $78.54, primarily due to expectations of reduced Houthi attacks in the Red Sea following a Gaza ceasefire agreement.
The primary driver was the expected announcement of a halt to Houthi attacks in the Red Sea, potentially easing shipping disruptions that have forced costly route diversions for over a year.
The market is also closely watching the upcoming Trump presidency, with expectations of possible confrontations with OPEC+ over price levels around $80 per barrel, similar to his first term.
Meanwhile, global oil demand shows modest growth of 1.2 million bpd in early 2025, with JPMorgan analysts projecting increased consumption driven by Indian festival season and Chinese Lunar New Year celebrations. OPEC+ maintains a cautious approach to production increases despite recent price rallies, reflecting their conservative stance after past market disappointments.
