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Why the US could be a big factor for oil in 2024 - Yahoo Finance

Yahoo Finance · last updated

Why the US could be a big factor for oil in 2024

Geopolitical events and concerns about China's recovery led to a volatile year for oil prices ( BZ=F, CL=F) in 2023. Rebecca Babin, CIBC Private Wealth, US Senior Energy Trader joins Yahoo Finance Live to weigh in on what the major catalysts for oil will be in 2024.

“The key for 2024 is going to be ‘what does US supply do?’” Babin says, pointing out how US oil production outpaced estimates. If the US continues to produce at that pace, Babin warns, there could be an over-supply. For 2024, in addition to US production, Babin advises investors to keep an eye on China and Iran.

Follow along with Yahoo Finance's 2024 Investor Guide for more expert insight, or click here to watch this full episode of Yahoo Finance Live.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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