Natural Gas, WTI Oil, Brent Oil Forecast – Oil Pulls Back From Session Highs As Traders Focus On PMI Reports
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Oil prices, including WTI and Brent, pulled back from session highs due to a weaker-than-expected U.S. Composite PMI report, which put pressure on the oil markets.

January 24, 2025 | 7:00 pm
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NEGATIVE IMPACT
The United States Brent Oil Fund (BNO), which tracks the price of Brent crude oil, may experience a short-term decline as oil prices are pressured by weaker U.S. Composite PMI data.
BNO is directly affected by Brent oil price movements. The weaker U.S. Composite PMI report indicates potential economic challenges, leading to decreased oil demand and lower Brent prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The United States Oil Fund (USO), which tracks the price of WTI crude oil, may see a short-term decline as oil prices pull back due to weaker U.S. Composite PMI data.
USO is directly impacted by changes in WTI oil prices. The weaker-than-expected U.S. Composite PMI report suggests potential economic slowdown, leading to reduced oil demand and lower prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80