Expect a 'big tug of war' in the oil market in 2024: Expert - Yahoo Finance

Geopolitical conflicts were a major cause for concern in the oil market in 2023, and oil prices will continue to be a focus in the coming year.

Scott Bauer, Prosper Trading Academy CEO, joins Yahoo Finance Live to weigh in on the 2024 outlook for oil prices and what to expect if conflicts in the Middle East intensify. Bauer does not expect major pressure but does note a “geopolitical premium” hitting $5-$10 per barrel.

Bauer expects a "six-handle" on oil prices “until something starts to shift out of China,” though predicts a “big tug of war” in part thanks to the weakening dollar, which makes prices for commodities cheaper, which in turn will ultimately result in the oil-price trajectory being to the downside.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

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Expect a 'big tug of war' in the oil market in 2024: Expert - Yahoo Finance
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