Latest Oil Market News and Analysis for Dec. 29 - Bloomberg
Latest Oil Market News and Analysis for Dec. 29 - Bloomberg
Oil Limps Into 2024 as OPEC+ and War Fail to Prevent Annual Drop
- Concerns about expanding ex-cartel production hurt benchmarks
- Brent loses 10% in 2023 for worst performance since pandemic
Oil headed for the biggest annual drop since 2020 as war and OPEC+ production cuts failed to lift prices, with traders concerned that global crude supplies may still eclipse demand in the quarters to come.
Brent crude held above $77 a barrel, on course for weekly, monthly and quarterly losses, while West Texas Intermediate traded near $72 a barrel. The global benchmark has declined by about 10% this year, while the US marker has retreated by about the same amount. A broader Bloomberg gauge of commodities has dropped by a similar margin over the past 12 months.
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Oil Limps Into 2024 as OPEC+ and War Fail to Prevent Annual Drop
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.