Oil prices are poised to end the year 10% lower in first annual decline since 2020
Publishing timestamp: 2023-12-29 12:39:43
Summary
Oil prices are expected to close the year about 10% lower due to oversupply concerns from record production outside of OPEC. Despite ongoing geopolitical risks, such as the war in Gaza, oil prices have declined. The focus is on the supply and demand balance, with record production in the US, Brazil, and Guyana impacting global oil trade. OPEC's production cuts are not having a significant impact, and the shift in crude supply from the Middle East to the US and other Atlantic countries is challenging efforts to lift oil prices. The article also mentions the potential impact of developments in the Middle East, including confrontations with Iran and attacks on vessels.
Sentiment: MIXED
Keywords: ice brent crude (apr'23), business news, markets, joe biden, breaking news: markets, oil and gas, wti crude (mar'23), occidental petroleum corp,