Oil prices fell more than $3 on October 4, 2023, on concerns about a slowdown in global economic growth and a potential decline in oil demand.
The international benchmark price of Brent crude oil dropped by $3.10 to close at $89.34 a barrel. West Texas Intermediate crude oil in the United States cost $3.17 less per barrel to settle at $87.63.
The voluntary cut in crude supply of 1 million barrels per day (bpd) by Saudi Arabia will continue through the end of the year, the country’s energy minister announced on Wednesday.
Until the end of the year, Russia said it will maintain its current 300,000 bpd oil export limitations, and in November it would evaluate its voluntary 500,000 bpd output cut from April.
Oil prices have been on a roller coaster ride in 2023, rising sharply in the first half of the year and then falling back in the second half. The rise in oil prices was driven by a number of factors, including the post-pandemic recovery, the war in Ukraine, and supply disruptions. The fall in oil prices was driven by concerns about a slowdown in global economic growth and rising interest rates.
The voluntary oil reduction’ extension is a good development for the oil market. It implies that the two biggest oil producers are devoted to maintaining prices and averting a supply surplus. The cuts will probably also lessen the possibility of a sudden drop in oil prices in the upcoming months.
Late in 2021, when the world economy was recovering from the COVID-19 pandemic, oil prices started to climb. The economy began to improve, which increased demand for oil. The conflict in Ukraine, which started in February 2022, also pushed up oil prices. Sanctions against Russia, a significant oil producer, as a result of the conflict interrupted the world’s oil supplies.
Oil prices began to fall in the second half of 2023, as concerns about a slowdown in global economic growth and rising interest rates mounted. The economic slowdown was caused by a number of factors, including high inflation and rising interest rates. The Federal Reserve, the US central bank, began raising interest rates in March 2022 in an effort to combat inflation.
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