Oil prices saw a slight retreat after a recent climb, impacted by stronger-than-expected US jobless claims which raised concerns over Federal Reserve rate cuts.
The resilient labor market has weakened sentiment regarding the pace of anticipated Federal Reserve rate cuts next year, affecting oil price forecasts.
To counter the negative outlook from higher rates, continued positive economic data is crucial for oil prices to adapt to increased borrowing costs in 2024.
The return of Donald Trump could exacerbate challenges for oil markets by increasing US crude production and encouraging a shift towards clean energy.
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