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Oil prices set to end year 10% lower as demand concerns snap winning streak

Crude futures rose slightly on Friday in thin activity on the last trading day of the year.
Both benchmarks are set to end 2023 about 10% lower after two years of gains as geopolitical concerns and oil production cuts drove wild fluctuations in prices.
Brent futures rose 12 cents to $77.27 a barrel at 2:22 p.m. (1922 GMT) on Friday. U.S. West Texas Intermediate crude rose 16 cents to $71.93 a barrel.
Oil prices fell sharply on Thursday as some shipping companies said they would resume movements through the Red Sea, easing supply concerns. Major firms had stopped using Red Sea routes after Yemen’s Houthi militant group began targeting vessels.
However, some crude oil and refined product tankers are still opting for the longer route around Africa to avoid potential conflicts in the region.
Geopolitical tensions in the Middle East continued to support prices. On Friday, Israel intensified its attacks in southern Gaza.
“We are going to see continued volatility as we go into 2024 with the geopolitical events and the fear that the conflict could spread throughout the region,” said Andrew Lipow, president of Lipow Oil Associates.
Data released on Friday by the U.S. Energy Information Administration (EIA) that showed strong oil demand in October also offered some support to prices, said UBS analyst Giovanni Staunovo.
Total U.S. oil demand rose 3.4% in October versus the prior year, the report said.
U.S. crude oil output fell slightly in October to 13.248 million barrels per day, after it set monthly records in August and September.
Energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in a report on Friday, indicating output could rise in the future.
For the year, however, the rig count was down by 157 after gaining by 193 in 2022 and 235 in 2021.
Both Brent and WTI are on track for their lowest year-end levels since 2020, when the pandemic battered demand and sent prices nose-diving.
Production cuts by the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, have proved insufficient to prop up prices, with the benchmarks down nearly 20% from the year’s highs.
OPEC+ is currently cutting output by around 6 million barrels per day, representing about 6% of global supply.
OPEC is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest level since the pandemic on output cuts and Angola’s exit from the group.
A Reuters survey of 34 economists and analysts forecast Brent crude would average $82.56 in 2024, down from November’s $84.43 consensus, as they predicted weak global growth would cap demand, while geopolitical tensions could provide support.

25 Comments on "Oil prices set to end year 10% lower as demand concerns snap winning streak"

  1. Retarded planet on Tue, 2nd Jan 2024 8:26 pm 

    It is not a problem of immigration. This is not why earth will be destroyed. 100% of earth population is amoral and extremely mentally retarded. You should have killed Blinken and his family when I asked. You should have killed all the Jews of the world when I asked. You should have killed all the European and UK when I asked.

  2. EarthWillBeDestroyed on Tue, 2nd Jan 2024 8:31 pm 


    Earth will be destroyed that is it and all

  3. EarthWillBeDestroyed on Tue, 2nd Jan 2024 8:37 pm 

    The level of mental retardation of earth can be judged by the level of narcissism of individuals living on earth. Immigration is not your problem, you are so deeply mentally retarded that you no idea what morality and stupidity is.

  4. eee on Tue, 2nd Jan 2024 9:05 pm 

    By the way the maths of this reality suck and this reality is really designed as a tortured chamber and execution chamber.

    You electronics components are energetically inefficient and lose too much energy by heat transfert. This is done on purpose by us to torture you and make your life miserable, because we hate you.


    You have never seen a real reality that celebrate life. You are here because you are scheduled for execution.

  5. GOD and I we really hate you all on Tue, 2nd Jan 2024 9:17 pm 

    I cannot believe how shitty your electronics components are. It is a real miracle you can run an electrical grid with such a shitty earth electrical calculator.

    It is unbelieve how crappy your electronics components are. They lose too much energy by heat transfert. It is almost like someone hate you and did it on purpose.

  6. GODReallyhatesYou on Tue, 2nd Jan 2024 9:31 pm 

    It is unbelieve how crappy your electronics components are. They lose too much energy by heat transfert. It is almost like someone hate you and did it on purpose.

    The only people that will live, are the people that will leave earth. Just by doing electronics you can see the rage and hatred that GOD has for the people living on earth.

  7. eee on Tue, 2nd Jan 2024 9:57 pm 

    There is no way GOD loves people living on earth. It is really obvious when you look at earth electrical, mechanical, heat calculators.

    GOD hates all the inhabitants of earth and he wants you dead after he is done torturing you.

    What we see now with the long neck, face forward, ugly face, it is GOD torturing you before he kills all the population of earth.

  8. eee on Wed, 3rd Jan 2024 3:18 am 

    You are here to die. I am happy to be one of your executioner among many other from the invisible world.

  9. eee on Fri, 5th Jan 2024 8:54 am 

    I want to know if these machines are real or just CGI. Make me think of machines designed by the inner earth to operate in the mud, the same way they were laying train tracks directly on the ground to extract wood (see main)

  10. eee on Fri, 5th Jan 2024 8:58 am 

    Each time I see one of these

    I think about this

  11. eee on Fri, 5th Jan 2024 10:46 am 

    5:22 they have cut all trees and use the rail way to ship them out of earth.

    They are doing the same thing in Vietnam now.

  12. James on Mon, 8th Jan 2024 1:06 am 

    The volatility of the oil market, with its ups and downs driven by factors like shipping routes through the Red Sea and Middle Eastern tensions, reflects the complex interplay of global events on energy prices. It’s sobering to think about the various factors, from OPEC+ production cuts to shifting demand and even the potential for increased future output as indicated by the addition of rigs. The predictions for Brent crude in 2024 and the impact of weak global growth on demand further underscore the unpredictable nature of the market. As someone keeping an eye on these trends, it’s a stark reminder of how interconnected and sensitive our global economy is to these shifts. The challenges facing OPEC, particularly with its decreasing market share, highlight the dynamic and often precarious balance of global oil supply and demand.

  13. Dernie essai on Sat, 10th Feb 2024 9:21 am 

    Je me souvenait plus que ces deux filles étaient morte. Je vous l’ai dit comment ils ont installé la matriarchy au Québec, ca a commencer avec Janette Bertrand, la polyethnic de Montréal et cela s’est terminer avec Boivenu.

    1:05 making women the ultimate victim and cementing the installation of matriarchal form of governance in Canada and transferring all the power into women hands eliminating any kind of masculine energy out of the system.

  14. Beast makri on Wed, 14th Feb 2024 3:25 pm 

    Another video with a black mark on the forehead. The mark of the beast. 0:01

  15. Substandard on Thu, 15th Feb 2024 3:44 pm 

    Everything is substandard on this planet. Techs are primitive and unreliable. See my previous comments.

  16. I will burn their nations down on Fri, 16th Feb 2024 11:53 am 

    If I ever become in charge, I will fuck over and destroy UK, Israel and all of Europe. I will make it illegal for Microsoft to sell their software to UK, Israel and all of Europe. I am going to burn down their fucking nations to the ground,

  17. Osh University on Mon, 19th Feb 2024 1:09 pm 

    Osh University is a distinguished institution for obtaining an mbbs degree . Its comprehensive program and dedicated faculty ensure students receive a top-tier medical education.

  18. Tempo Garments on Mon, 19th Feb 2024 1:11 pm 

    The fashionable shirts for boys from Tempo Garments will enhance your little mans style. Our collection features a variety of styles, from traditional to contemporary, all expertly crafted with premium materials and meticulous attention to detail.

  19. Shalamar Hospital on Mon, 19th Feb 2024 1:13 pm 

    When it comes to ear, nose, and throat health, trust the best ENT specialist in Lahore at Shalamar Hospital, where expertise meets compassionate care.

  20. eee on Tue, 20th Feb 2024 9:29 pm 

    You will fail and I will win. You don’t have what it takes inside of you for winning this. I will walk, piss and shit over your cadavers as mentioned in revelation 19,

  21. i won on Tue, 20th Feb 2024 9:33 pm 

    You can not win this one against us. The best you can do is to buy some time. You don’t have what it takes inside of you to do what it takes to buy yourself some time before everything ends. YOu are all losers.

  22. Let me help you die on Tue, 20th Feb 2024 9:37 pm 

    If you were serious about buying some time, you would have already remove all the hand guns laws and allow open carry without license. YOu want to die, we will help you.

  23. jdeem on Fri, 23rd Feb 2024 10:19 pm 

    0:01 to 0:10 this is my real physical shape.

  24. wo will go firlstg on Fri, 23rd Feb 2024 11:36 pm 

    Compare this guy at 10:00

    with this guy at 0:05

    Who will die first.

  25. compeare on Fri, 23rd Feb 2024 11:41 pm 

    Compare this beta cuck

    with this guy at 0:05

    Who will die first.

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