Oil just hit its highest level of the year — and some analysts expect a return to $100 before 2024
Publishing timestamp: 2023-09-15 10:37:39
Summary
Oil prices have reached their highest level of the year, with some analysts predicting that prices could spike above $100 before the end of the year. This rally is due to expectations of tighter supply after Saudi Arabia and Russia extended their oil output cuts. However, there are concerns about inflationary pressure and the impact on economic and oil demand growth. The International Energy Agency warns of a substantial market deficit in the fourth quarter due to production constraints. Some analysts believe that oil prices will trade in the range of $80 to $100 in the short term, while others believe that a pullback is needed.
Sentiment: MIXED
Keywords: china, ice brent crude (apr'23), russia, wti crude (mar'23), oil and gas, business news, politics, energy, saudi arabia, united states,