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Crude oil prices were on a roller coaster ride in 2022, going north of $130 in March amid the Russian invasion of Ukraine. ... Oil prices: Predictions for 2023. ... "The 2022 average price for WTI ...
Crude oil prices were on a roller coaster ride in 2022, going north of $130 in March amid the Russian invasion of Ukraine.
The day after oil fell nearly 5 percent to a four-month low, the fourth down week finished with Brent at $80.61 and WTI at $75.89 as a result of continued bad news from China, high U.S. inventories and record production, with sanctions on Russian oil shipments causing prices to increase. [41] [42]
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U.S. crude and fuel inventories rose and oil prices fell, still finishing higher for the 5th week. [78] In the last full week of January, WTI reached $88.84, the highest in seven years, before settling at $86.82. Brent reached $91.70, highest since October 2014, before falling to $90.03. Both had the most up weeks since October. [79]
[58] On 28 September 2021, Sullivan met in Saudi Arabia with Saudi Crown Prince Mohammed bin Salman to discuss the high oil prices. [59] The price of oil was about US$80 by October 2021, the highest since 2014. [60] [61] The United States delivered 16 billion cubic meters of LNG to Europe in January 2022, and 6 billion in February. [62]
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The average price for Russian crude oil in January 2023 was $49.48pb down 42% in January 2022 prices and well below the $60pb price cap. [124] Early projections by the EU estimated that the price cap on Russian oil would cost Russia around 160m euros ($175m) every day ($60b pa). [ 180 ]