Crude Oil Slips on Macro Headwinds - WSJ - The Wall Street Journal
Crude Oil Slips on Macro Headwinds - WSJ
Updated Oct. 3, 2023 3:46 am ET
0727 GMT – Crude oil prices are moving lower, as the prospect of more rate hikes and uncertain demand pegs back key benchmarks. Brent crude is down 0.7% to $90.04 a barrel while WTI is 0.6% lower at $88.30 a barrel, having closed Monday below $90 a barrel for the first time in a week. Analysts at BMI raise their 2023 average price forecast to $83 a barrel for Brent from $80 a barrel, after September’s rally, but note that they expect prices to soften this quarter. “Economic trends will inevitably impact on physical oil demand, but Brent is also highly sensitive to shifts in macro sentiment,” BMI said. “Our current expectation is for the current economic downcycle to bottom out next year, before returning to growth heading into 2025.” ( yusuf.khan@wsj.com)
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.