Market Bets on Cheaper Oil, Dashing Saudi Hopes for a Price Rebound - The Wall Street Journal
Market Bets on Cheaper Oil, Dashing Saudi Hopes for a Price Rebound - WSJ
July 2, 2023 12:01 am ET
The oil market has sent a warning to Saudi Arabia and everyone else betting that prices are poised for a rebound: Don’t count on it.
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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.