Oil prices recorded $77.04 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $71.65 per barrel upon settlement on Friday, as oil futures contracts fell more than 10% on the last trading day in 2023.
Oil prices are heading to end 2023 with a decline of about 10%, recording the first annual decline in two years, after geopolitical concerns, production cuts, and global measures to curb inflation caused sharp fluctuations in prices.
Thus, the two benchmarks are heading to end the year at the lowest end-of-year level since 2020, when the Corona pandemic undermined demand and led to a decline in prices.
Oil is also heading toward a decline for the third month in a row due to demand concerns that erase the impact of fears of damage to supplies due to the conflict in the Middle East, and the decline means that production cuts are not enough to support prices.
Prices rose to their highest levels this year in September, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to cut production, raising concerns that demand could become higher than supplies.
2023-12-30 12:00:00
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