With more supply set to hit the oil market this year, will demand be enough to absorb the excess? If not, crude inventories will rise, likely putting further downward pressure on prices.

A decline in oil prices would have significant implications, easing fuel costs for drivers and helping to curb inflationary pressures.

However, if prices fall too low, producers may cut output due to financial disincentives, potentially setting the stage for a sharp price rebound in the future.