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Oil prices dipped to their lowest point of the year this week despite the recent announcement by OPEC and its allies to keep cutting supplies as fears of a global recession outweigh supply...
Positive U.S. economic news, higher U.S stockpiles and lower stock prices helped oil fall for a second week, with Brent hitting $84.18 and WTI at $77.52. [5] In spite of higher U.S. inventories, because of Russia's plans to decrease output, WTI climbed 2 percent to $75.39 on February 23 after falling for 6 straight days.
Oil prices are headed lower next year. ... larger risk of a big price drop to $50 or $60 than there is to something like the $80+ range," Tom Kloza, OPIS global head of energy analysis told Yahoo ...
He also noted that seasonally, oil prices tend to decline in late December. Meanwhile, ADP employment data released Wednesday showed an increase of 103,000 jobs in the US last month, compared to ...
Natural gas prices in Europe reached their highest point in September 2022 at a multiple of roughly 25 compared to two years prior. While gas prices are currently falling quickly on the spot market, the cost to distribute gas in the coming year will still be close to €150 per MWh, or a multiple of about seven. [93] [95] [96]
A strong dollar, Saudi Arabia price cuts and expected lower demand contributed to a 1.4 percent drop to $68.35 for WTI on September 7, [61] However, with three-fourths of Gulf of Mexico production still not resumed, WTI finished the week at $69.72 and Brent at $72.92, both climbing 2.3 percent on September 10.
Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring prices.
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).