Abstract: In 2023, the global economic growth slowed down, experiencing fluctuations in oil prices throughout the year due to factors such as interest rate hikes, production cuts, conflicts, and more, retracting the risk premium seen in 2022. Looking at 2023, the future trends of global economy, energy transition, supply, inventory, the U.S. dollar, market speculation, gold and geopolitical factors were analyzed from both fundamental and non-fundamental perspectives. Combining objective calculations and expert subjective judgments using forecasting models, an overall outlook and prediction for the international crude oil prices in 2024 were provided. It is anticipated that the international crude oil prices will further decline in 2024, with a relatively loose supply and demand in the international crude oil market, insufficient confidence among crude oil investors, and frequent occurrences of geopolitical conflicts, extreme climate events, etc. The confluence of multiple factors is expected to amplify the volatility range of oil prices in the short term, with average Brent and WTI crude oil prices projected to be in the range of 73~83 per barrel and 68~78 per barrel, respectively.