Oil prices hit $80 due to tightening supplies and easing demand, while geopolitical tensions escalate.

From Investing.com: 2025-01-16 09:34:00

Oil prices hit $80.00, the highest since August, due to tightening supplies and easing demand. Germany seizes tanker allegedly part of Russian ‘shadow fleet’ to avoid oil sanctions. Biden enforcing energy sanctions on Russia, leaving Trump to deal with consequences. Trump’s nominee for Energy Secretary plans to refill Strategic Petroleum Reserve, boosting oil demand. OPEC predicts undersupplied market, with global oil demand growth exceeding production. China and India driving oil demand, while US faces heavy oil supply squeeze due to sanctions. Weather forecasts hint at Arctic cold blast, potentially impacting oil and gas markets significantly.



Read more at Investing.com: The Energy Report: Seize the Day or Tanker Oil at $80