Oil prices are likely to finish 2023 down about 10%, marking the first annual drop in two years.

Global uncertainties, production cuts, and efforts to control inflation have led to unpredictable price swings. Brent crude is currently at $77.33 a barrel, and WTI crude at $71.88 a barrel, heading for their lowest year-end levels since 2020.

Despite concerns over Middle East conflicts and insufficient production cuts, oil prices stabilized after a 3% drop as more shipping firms prepared to navigate the Red Sea route.

Governments’ measures to control inflation and potential interest rate cuts in 2024 could boost oil demand.

Source: Reuters.


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