Oil Prices Stay Steady Between $70 and $76

Oil Prices: Watch the Tension Rise as OPEC+ Kicks Off

Brent Crude Stays in the $70‑$76 Zone

At this moment, Brent is hovering in the same sweet spot it landed in back in late‑October. If you’re trading, expect a little more warmth but not a full-blown fever.

Short‑Term Outlook

Geopolitical Fireworks: U.S. sanctions on Iranian oil spice things up again, giving the market a little kick.
Middle‑East Madness: The fragile cease‑fire in Lebanon could flare up—never a dull moment for crude.
South Korea Turbulence: Political snags are boosting oil as a safe‑haven, because when politics get messy, you usually want a steady investment.
US & China Data: A bumper JOLTs number and strong GDP show resilience, while China’s Caixin PMI is holding a solid 51.5, hinting at factory optimism.

Longer‑Term View

In the medium term, China’s economic comeback will be the real magic wand. If Beijing decides to lean into stimulus and lift retail sales, there could be a nice price bump. If not? You’ll see those stubborn $75 resistance levels keep oil in the range.

OPEC+ Meeting: The Next Big Move

Across the board, investors are screaming: “Will they keep the 2.2 million‑barrel‑per‑day cuts into Q1 2025?” The answer appears to be a solid “yes.” That gesture keeps prices mix‑mixed, hurting the trick of breaking that $75 line.

Potential Shockers

Friday’s US Non‑Farm Payrolls: If the jobs report skittles below 100,000, the market could wobble. Keep an eye on unemployment; a jump over 4.1% sends a not‑so‑good vibe to oil.
China’s GDP & Trump’s Tariffs: If China misses the growth target again, worse still—if Trump hops on that 10% tariff train—oil might feel the strain.

Bottom Line: Market Sensitivity Is Hitting a Ceiling

Right now the market is still breathing a bit of political and economic noise, but cracks have started to appear. OPEC+ staying in the realm of 2025 cuts is probably best without a new catalyst to stir the pot.