Benchmark oil prices are also much lower than the record highs seen last year

 
Global economic headwinds will keep oil prices from rising this year despite a rebound in China and OPEC+ cuts, according to a recent Reuters poll.

Compared to the $84.73 consensus in May, 37 economists and analysts forecast Brent crude to average $83.03 a barrel in 2023.

After shedding about 13% so far in 2023, the global benchmark was seen averaging $83.28 in the third quarter before surging above $86 in the next two.

In addition, U.S. crude oil prices have been lowered to $78.38 a barrel in 2023 from $79.20 last month.

Global oil prices surged last year due in part to the sanctions placed on Russia over its invasion of Ukraine, however have stabilised in the months since.

“With fears of a recession globally oil prices have started to cool,” said Chris Ford from Compare the Market.