Wars in Ukraine and Gaza as well as Opec+ production cuts to lift prices have failed to propel prices higher
Oil prices are set to end 2023 about 10% lower after two years of gains as geopolitical concerns, production cuts and central bank measures to rein in inflation triggered wild fluctuations in prices.
Wars in Ukraine and Gaza as well as Opec+ production cuts to lift prices have failed to propel prices higher in a year dominated by supply growth outside of the grouping – particularly in the US.
On Friday, oil climbed after falling 3% the previous day as more shipping firms prepared to transit the Red Sea route. Major firms had stopped using Red Sea routes after Yemen’s Houthi militant group began targeting vessels.
Brent crude futures were up 58 cents, or 0.8%, at $77.73 a barrel at 1113 GMT, the last trading day of 2023, while US West Texas Intermediate (WTI)…
