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Oil ended 2022 with its second consecutive annual rise

Oil ended 2022 with its second consecutive annual rise

“This has been an extraordinary year for commodity markets, with supply risks leading to increased volatility and elevated prices,” he said. Ewa Manthey, ING analyst in dialogue with Reuters. “Next year will be another year of uncertainty, with a lot of volatility,” she anticipated.

The Brent gained $2.54, or 3.04%, to $83.78 a barrel, and the West Texas Intermediate in the United States added $2.10, or 2.68%, to $80.5.

In the whole of the year, Brent gained 8%, after rising 50% in 2021. For his part, he WTI I know on track to improve by 6.5% in 2022, after the rise of 55% last year. Both referential fell in 2020 due to the impact of the pandemic on demand.

Although the increase in New Year’s Eve Christmas Trips and a Ban on Selling Russian Crude and Petroleum Products are favorablethe supply shortage will be offset by the decrease in consumption due to the deterioration of the economic environment next yearsaid Leon LiCMC Markets analyst.

“It is anticipated that the global unemployment rate to rise rapidly by 2023what will curb energy demand. So I think oil prices may drop as much as $60 next year,” he said.

Source: Ambito

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