Published on: Friday, December 29, 2023 – 3:51 PM | Last updated: Friday, December 29, 2023 – 3:51 PM
Oil prices are heading towards their first annual decline in two years, with their losses since the beginning of 2023 amounting to about 10%, amid production reduction measures and geopolitical tensions.
In terms of trading, Brent crude futures contracts rose by about 0.56% to $77.59 per barrel, and US crude futures contracts rose by 0.45%, recording $72.09 per barrel.
Prices are also heading towards a third monthly decline in a row, amid concerns about the levels of demand for crude.
However, the two benchmarks are heading to end the year at the lowest level since the end of a year since 2020, when the Corona pandemic undermined demand and led to a decline in prices.
The total oil losses for the current year come after they rose to their highest levels this year in September, after OPEC and its allies decided to reduce production to support prices.
However, investors and analysts expect the weakness of the dollar and expected cuts in interest rates in major consumer areas in 2024 to support demand for oil.
2023-12-29 13:51:54
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