For now, it is not really visible the situation when oil could cease to be the most important energy resource in the world. The International Energy Agency (IEA) predicts that this year the global demand for black gold will have grown more strongly – by 2.4 million barrels per day – to a new absolute record at 102 million barrels per day on average.Photo: DADO RUVIC, Scanpix
Oil has become cheaper. For next year, it is popular to calculate the average oil price at 85 US dollars per barrel.
The past few weeks have been excellent for many of investors’ favorite securities, with US stocks, for example, jumping nearly 10% in November. It can be felt that one such asset, which has been pushed to the sidelines despite the widespread buying euphoria, is oil. This might seem a little strange when you consider that black gold is a highly cyclical asset, whose value often rises and falls in line with changes in the overall risk appetite of investors.
2023-12-07 07:34:05
#Oil #stocks #bonds #gold #choked
