In the United States, the Energy Information Administration forecasts an increase of 2USD  per barrel for crude oil through the end of next year, based on expectations of higher global oil demand in 2025.   Of course the ongoing conflict in the Middle East and the OPEC+ countries potential for voluntary production cuts are likely to be a significant cause of uncertainty.  Market watchers will also continue to closely follow the performance of the Chinese economy.  In November, prices dipped following what was seen as an rather unimpressive economic stimulus package announced by the Chinese government.

Many observers predict the European Central Bank is likely to further cut interest rates in December, following weak economic data in  the Eurozone economies. Some speculate that the ECB's Governing Council could announce a cut of half a percentage point.  However, others predict the ECB will take a more gradual approach, weary of inflation risks in the Eurozone.  Economists in the US expect the Federal Reserve to cut rates in December.  However a recent Reuters poll has shown many predict less downward pressure on rates in 2025, as a means to tackle inflationary pressures likely to result from higher tariffs and tax cuts promised by the next US administration.  Analysts will also be keenly watching the Bank of China, after it left rates unchanged in December.