Breaking News About the International Oil Prices: Following the American Petroleum Institute’s unexpected news of an estimated inventory decrease of nearly 5 million barrels, which surprised analysts, crude oil prices continued their upward trend from Tuesday. That came after the previous week’s weekly inventory draw of more over 7 million barrels, indicating a robust demand for petroleum.
Brent crude edged closer to $78 per barrel and West Texas Intermediate above $72 per barrel after the release of the API data.
Summary of International Crude Oil Prices (USD):
| Futures | 11-Jan-2024 | 10-Jan-2024 | 09-Jan-2024 | 08-Jan-2024 | 05-Jan-2024 | 04-Jan-2024 |
| WTI Crude | 72.39 | 71.38 | 72.24 | 70.77 | 73.81 | 72.19 |
| Brent Crude | 77.46 | 76.80 | 77.59 | 76.12 | 78.76 | 77.59 |
Experts Forecast 2024 to Be a Difficult Year for Oil Prices:
Analysts predict that the three horsemen of low oil prices – oversupply, weak prices, and sluggish demand growth—will become the most likely scenario for this year.
The state of affairs in the Red Sea is the single element that has the ability to counteract the consequences of these elements.
Oil prices, which saw their first annual loss since 2020, cautiously recovered during the first week of January due to ongoing Houthi attacks on Red Sea container ships. However, they continued to be cautious when it came to tankers, which are still freely travelling the Asia-Europe route.
WTI Crude Weekly Statistics:
WTI Crude is essential to the functioning of the world’s energy markets in the volatile world of commodities. Well-known for its excellence and purity. WTI Crude, which serves as a benchmark for oil prices, controls the energy sector’s pulse and shapes investment landscapes and economies. Due to its influence and dependability, WTI Crude is preferred by investors who are interested in the pulse of the oil market. WTI Crude is still a powerful, resilient, and economically significant symbol that influences and directs global energy markets.
Brent Crude Weekly Statistics:
The industry gold standard for oil, Brent Crude, continues to rule the energy scene because to its unmatched dependability and quality. This liquid gold, which comes from the North Sea, fuels economies and advances civilization all around the world. Brent Crude, well-known for its high yields and low sulphur content, is a representation of stability in the erratic world of commodities. Being the beating heart of the world’s energy markets, it rides the economic ups and downs, reshaping sectors and influencing whole countries. Brent Crude continues to be the mainstay of energy, a driving force behind expansion, and a symbol of economic life in a world that is constantly changing.
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