As the end of December approaches, the Crude Oil market witnessed a clear rebound since the Yemeni armed forces attacked ships and crews in the Red Sea. For a while, the Crude Oil market admitted a continuous descent trend and the prices have been pummelled for eight straight weeks, their longest streak of losses since xxxx. The fears of an excess supply of Crude Oil were mounted, with production continued strong despite OPEC+ production cuts. Moreover, key markets like China were showing signs of slowing oil consumption, further dampened Crude Oil prices previously. However, the downfall of the market reversed recently due to the attacks on ships in the Red Sea by Yemeni Houthi forces which have disrupted global shipping and threatened vital trade routes like the Suez Canal, pushing Crude Oil prices higher.
As the last week of December ended, the...
