Oil erases 2024 gains amid lack of demand

Crude oil (CL=F, BZ=F) prices tumble lower and erased any gains the oil market saw in 2024. Julie Hyman and Josh Lipton welcome The Energy Word Founder Dan Dicker to Market Domination to talk more about the “commodity glut” that has dragged oil prices with that
“We’re not seeing anywhere near the kind of demand growth here in the United States that would offset the kind of supply increases that we’ve been seeing, both domestically in the United States and globally with OPEC+,” Decker explains. “This is not unusual for any of the commodities. I mean, you can see copper, lithium, iron… everything in the commodity space is going down while the stock market (^DJI, ^IXIC, ^GSPC) has been going up. And it’s really one of those moments that’s very rare.”
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