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Why are crude oil prices rising in 2023?
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Sep 12, 2024 · The rapid decline in global oil demand growth in recent months, led by China, has fuelled a sharp sell-off in oil markets. Brent crude oil futures have plunged from a high of more than $82/bbl in early August to a near three-year low at just below $70/bbl on 11 September, despite hefty supply losses in Libya and continued crude oil inventory draws.
Jul 16, 2024 · Slowing economic growth, with looming recession due to central banks’ aggressive interest rate hikes to tame decades-high inflation, has capped oil prices. In 2023, crude oil prices dropped by more than 10%, essentially erasing their previous gains. As 2024 progressed, oil prices faced another year of volatility.
Jul 19, 2023 · We forecast higher crude oil prices in the second half of 2023 and into 2024 in our latest Short-Term Energy Outlook (STEO) because of moderate but persistent inventory drawdowns. Inventory drawdowns take place when demand for a commodity is greater than the supply of that commodity.
Apr 12, 2024 · Benchmark crude oil prices continued their upward trajectory in March and early April, as heightened geopolitical tensions coincided with the prospect of a tighter supply-demand balance through the remainder of the year.
Crude oil prices recovered from six-month lows in June, with Brent futures rising by $5/bbl to $86/bbl. Falling crude stocks, investor short covering and renewed Middle East geopolitical tensions contributed to the price strength, with fund positions recovering from historically low levels.
Sep 5, 2024 · We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in 2025, close to the 2023 average of $82/b. Our forecast for relatively little price change is based on expectations that global supply and demand of petroleum liquids will be relatively balanced.
Jun 12, 2024 · Brent crude futures continued to slide in May and early June, as flagging oil demand growth and inventory builds pointed to a comfortably supplied market. Brent futures fell by $6/bbl in May, before tumbling further in early June after the OPEC+ alliance announced plans to gradually unwind last year’s extra voluntary output cuts starting in 4Q24.
