Oil Prices to Continue Rising Amid Global Economic Growth

Global central banks are raising interest rates in response to persistently high energy prices and their impact on the global economy. As a result, oil prices are expected to continue rising.

The price of oil has already increased by around 15% since July, according to recent data. This growth is attributed to three main factors: stronger-than-expected global economic growth, which has not yet led to unemployment or dips in services indicators despite higher interest rates; the growing demand for energy from AI and data centers; and ongoing Middle East tensions.

The price of oil is also being influenced by the shift in the gold-to-oil ratio. This ratio remains above its historic levels, indicating that oil prices may need to adjust to reflect the new gold price.