Lower oil prices bring relief to consumers

Published

3 years ago

July 5, 2023

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.

Related Topics:energy Featured oil recession

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Steve Gopalan from SkandaFX joins us to discuss how these shifts could influence monetary policy, corporate FX strategies, and the broader financial landscape.

We also dive into FX trends, euro-area inflation signals, and Australian dollar movements, exploring what these developments mean for investors worldwide.

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The surge in unemployment claims, coupled with falling bond yields, is prompting concern over overall market stability.

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S&P 500 dips as tech stocks struggle with AMD leading losses

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