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Barchart
Barchart
Andrew Hecht

What are the Most Bullish Factors for Crude Oil?

Oil crude oil Ice Joe Biden BNO United States USO Petroleum Donald Trump Nymex

In my Q1 energy report on Barchart, I highlighted that crude oil and oil product prices rose over the first three months of 2024 and were higher than the March 2024 closing level in April. Many analysts call for higher oil prices over the coming months, and the odds of significant upside spike have increased. The geopolitical landscape in the Middle East supports oil prices along with seasonality as the energy commodity moves towards the peak 2024 driving season. 

The two petroleum benchmarks are Brent North Sea crude oil futures on the Intercontinental Exchange and West Texas Intermediate petroleum futures on the CME’s NYMEX division. The U.S. Oil Fund (USO) tracks the WTI NYMEX futures, while the U.S. Brent Oil Fund (BNO) moves higher and lower with ICE Brent futures. 

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