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Financial Outlook

Financial Outlook latest

Brent brand oil
December 29th, 2023 - 12:15 GMT
Osama Ali

Osama Ali

Oil plunge at year's end: Unprecedented in 3 Years – What's behind the sharp drop?

ALBAWABA - As the final trading day of the year unfolds, Brent crude oil is solidifying its position above $77 per barrel. Nevertheless, the commodity is poised to conclude 2023 with a substantial dip of nearly 10%, marking its initial annual loss since 2020. Despite early-year geopolitical tensions and OPEC+ production cuts, which proved ineffective in boosting prices, Brent crude has experienced a significant 10% drop throughout the year. Brief ...
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