The decline is not over yet
Oil prices have been in decline for a particularly long time. This is clearly noticeable at the pump and fuel prices will probably continue to drop for a while.
Traders expect declining demand, and that has been leading to falling oil prices for some time. For example, the economy in China is not running well, which is partly responsible for a cooling global economy. There is also a recession in other countries, including the Netherlands. If the economy is not doing well, the demand for oil will decrease. Several major oil-producing countries, united in OPEC+, will reduce their production next year. Saudi Arabia and Russia, among others, pump less. They hope this will boost the oil price again. The US is not cooperating with this. The country actually increased its production, which is why oil prices have not risen for the time being.
– Thanks for information from Autoweek.nl