2023–2025 world oil market chronology

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In 2023, the first two quarters saw declines, though concerns over U.S. interest rates have kept oil from rising as much as it could have. Oil then rose for seven straight weeks to a nine-month high and then rose and fell before seven weeks of declines.

Contents

2023

Both Brent and WTI started the year down more than 8 percent, the most for a first week since 2016. Brent finished at $78.57 and WTI at $73.77, after gaining 13 percent in the previous three weeks. U.S. jobs news indicated the economy was slowing, meaning less chance of another large interest rate increase, and the dollar jumped. The price of Saudi light crude sold to Asia fell to the lowest since November 2021. [1] Oil rose for the next two weeks, with Brent ending at $87.63 and WTI at $81.31, with loosening of restrictions in China a big reason, along with expectation of smaller interest rate increases. A lower oil rig count and the Russian cap also contributed, though U.S. crude inventories were the highest since June 2021. [2] For the week ending February 3, oil fell nearly 8 percent, with Brent at one point reaching $79.72, lowest since January 11, and WTI reaching $73.13, lowest since January 5. Both fell about 3 percent on February 3 with positive U.S. jobs news causing concerns about interest rate increases, even though the Federal Reserve raised rates less than it had been. [3] The next week oil rose over 8 percent, with Brent finishing at $86.39 and WTI at $79.72, as Russia announced production cuts. The European Union's cap and its ban on Russian oil were believed to have had influence, but gains were limited by low Chinese demand, increased U.S. unemployment claims and high inventories. [4] Positive U.S. economic news, higher U.S stockpiles and lower stock prices helped oil fall for a second week, with Brent hitting $84.18 and WTI at $77.52. [5] In spite of higher U.S. inventories, because of Russia's plans to decrease output, WTI climbed 2 percent to $75.39 on February 23 after falling for 6 straight days. Brent finished at $82.21, also up 2 percent. [6] [7] At the end of February, U.S. crude exports reached a record due to the growing gap between WTI and Brent. [8]

In the first full week of March, oil fell 3 percent due to concerns about U.S. and European interest rates, though not as much as it could have due to good U.S. economic news, with Brent finishing at $82.68 and WTI at $76.68. [9] The next week, as a result of the March 2023 United States bank failures, Brent fell almost 12 percent to $72.97 a barrel, the most since December, and WTI fell 13 percent to $66.74, the most in a year. [10] Declines continued until both indexes reached their lowest point since 2021. The first quarter ended with the second week of gains, with lower supplies in some areas and U.S. inflation decreasing. Brent finished with the more actively traded futures at $79.89 down 5 percent for the month and WTI was up 9 percent for the week, but down 2 percent for the month, to $75.67. [11]

OPEC and others planned to decrease production, which caused prices to jump 6 percent April 3, but on April 5 there was little change with Brent finishing at $84.69 and WTI at $80.61 in spite of falling U.S. inventories, as U.S. job openings reached the lowest level in almost two years. [12] The week ending April 14 marked the fourth week of increases with Brent finishing up 1.5 percent for the week at $86.36 and WTI up 2.5 percent to $82.52. Factors included, unexpected production cuts by OPEC and others along with an International Energy Agency forecast of higher demand, as well as less concern about U.S. banks and a lower U.S. rig count. [13] Despite good economic news from Europe, Brent finished down 5 percent at $81.80 and WTI fell 6 percent to $78.55, with interest rate fears and higher U.S. unemployment claims as major factors. At the end of the fourth straight down month and the second week of declines, Brent finished at $80.33, while WTI finished up for the month for the first time in six months at $76.78. Recession fears and concern over banks outweighed the lowest U.S. crude production since November and the highest demand for fuel since December. [14] [15]

The first week of May was the third down week, which had not happened since November, due to concerns about U.S. banks and another interest rate increase. Brent finished at $75.30 and WTI, after reaching levels not seen since 2021, rebounded to $71.34. [16] Oil fell again the next week, with Brent finishing at $74.17 and WTI at $70.04, with a strong dollar and concerns about the U.S. debt ceiling as major factors, plus fears of a recession and its effect on demand. [17] The next two weeks, oil went up, with Brent finishing May 26 at $76.95 and WTI at $72.67, with the possibility of a solution to the U.S. debt crisis cancelling out concern that OPEC and others would not continue production cuts. Slow growth in Europe and the possibility of the European Central Bank raising interest rates limited gains. [18]

On June 1, with the U.S. debt ceiling deal passed by the House, WTI went up the most in one day in nearly a month to finish at $70.10, and Brent rose to $74.65 after its biggest gain in two weeks. This cancelled out the effect of rising U.S. inventories. [19] The first full week of June ended with the second week of lower prices, with Brent finishing at $74.79 and WTI at $70.17. Increases caused by plans by Saudi Arabia, OPEC and other nations to decrease output were cancelled out by several factors. The announcement of a likely nuclear deal with Iran, which was not confirmed, but if it happened would increase supply. U.S. stocks rose, and negative economic news from China added to losses. [20] The next week prices went up due to high demand in China and cuts by OPEC and others, cancelling out concerns over the world economy and interest rate increases in England and Europe. Brent finished at $76.61 and WTI at $71.78. [21] On June 22 oil fell 4 percent due to a large Bank of England rate hike after oil went up with high crop prices suggesting lower biofuel demand leading to higher oil demand. Brent finished the day at $74.14 and WTI was $69.51. [22] Because of negative economic news worldwide and the prospect of lower demand, oil finished down for the fourth straight quarter, with Brent ending second quarter 2023 at $74.90, down 6 percent, and WTI at $70.64, down 6.5 percent. Higher demand, lower inflation and less chance of interest rates increasing in the U.S., along with production cuts planned by OPEC and others, helped oil finish slightly higher. [23]

For the first week of July, oil rose 5 percent, with Brent finishing at $78.47, highest since May 1, and WTI at $73.86, highest since May 24. Saudi Arabia and Russia announced cuts, the U.S. dollar fell, and the U.S. jobs report was not as positive as expected. These factors outweighed continued concerns over interest rates. [24] The next week, with supply problems in Libya and Nigeria, oil rose for the third week in a row even though a stronger dollar caused a decline on July 14. Brent finished at $79.87 and WTI at $75.42. [25] WTI increased 2 percent for the week the next week for its fourth gain, ending at $77.07, the highest since April 25, while Brent finished at $81.07. Reasons included lower supplies and the chance of more problems in the Russo-Ukrainian War. [26] With the expectation that the U.S. Federal Reserve and the European Central Bank were nearly finished raising interest rates, and supply cuts from OPEC and others, oil rose for the fifth week, up almost 5 percent, and close to 13 percent for the month. Brent finished at $84.99 and WTI at $80.58. Good economic news from the U.S. also contributed. [27] Brent finished July at $85.43 and WTI at $81.80, both the highest since April for the third day, and the biggest increase for a month since January 2022, with expectations of lower supply and higher demand. [28]

After six weeks of gains, WTI was up 20 percent to $82.82 on August 4, and Brent finished at $86.24, up 17 percent. Saudi Arabia agreed to continue production cuts, while Russia was reducing exports, while demand was expected to increase. [29] The seventh up week marked the longest streak since 2022. Brent finished at $86.81 and WTI at $83.19, with the International Energy Agency reporting record demand for June and OPEC forecasting higher demand for the rest of the year along with the production cuts. [30] After two weeks of declines, continuation of production cuts by Saudi Arabia and lower exports by Russia led to oil reaching its highest level in over six months. Brent finished on September 1 up 4.8 percent for the week, the most since July, at $88.49. WTI finished the week up 7.2 percent, the most since March, at $85.02. [31]

Oil finished the first full week of September at a nine-month high. Brent ended September 8 at $90.65, highest since November, with WTI at $87.51. [32] WTI reached $95.03, highest since August 2022, and Brent peaked at $97.69, highest since August 2022, due to low supplies, before falling due to profit taking on September 28. [33] Gas peaked at $3.88 on September 18. [34]

During the first full week of October, both WTI and Brent fell by the largest percentage for a two-day period since May, with the decline on the first of those days the most in more than a year. WTI ended October 5 at $82.31 and Brent at $84.07. Continuation of production cuts failed to overcome investor perception that a time of high demand was ending. U.S. gasoline demand was down and finished motor gasoline supplied was at its lowest point of 2023. [35] Another concern was high interest rates, and positive U.S. economic news raised the possibility of another U.S. interest rate increase. The week ended with the largest decline since March, with Brent down 11 percent and WTI down more than 8 percent. [36] The next week Brent was up 7.5 percent, the most for a week since February, finishing at $90.89, while WTI ended at $87.69. Both gained the most for a day since April on October 13, with both climbing nearly 6 percent after fears the 2023 Israel–Hamas war could worsen and sanctions on some tankers carrying oil from Russia. [37] Oil climbed again the next week but fell after Hamas released hostages. Brent finished at $92.89 and WTI at $88.75. [38] Brent fell 2 percent and WTI 4 percent the next week, with the premium for Brent the highest since March. After rising nearly 3 percent on October 27 due to U.S. attacks on Syria, Brent finished at $90.48 and WTI at $85.54. [39] The first full week of November was the third down week, the first time this happened since May, with Brent finishing at $81.43 and WTI at $77.17. Lower demand was expected due to negative economic news from China, the UK and the US. [40] The day after oil fell nearly 5 percent to a four-month low, the fourth down week finished with Brent at $80.61 and WTI at $75.89 as a result of continued bad news from China, high U.S. inventories and record production, with sanctions on Russian oil shipments causing prices to increase. [41] [42]

OPEC and others agreed to production cuts on November 30 but traders doubted these would actually happen. Negative economic news in the U.S. and worldwide contributed to another down week. [43] The first full week of December was the seventh week of declines, the longest streak since 2018, with Brent finishing at $75.18 and WTI at $71.23. Both dropped nearly 4 percent for the week and reaching their lowest point since June on December 7, the sixth straight decline. Traders believed supply was too high and Chinese imports fell due to high inventories and negative economic news. [44] Despite a fall in prices due to negative economic news leading to expectations of lower demand, oil rose the next week for the first time in two months, with Brent finishing at $76.55 and WTI at $71.43. Also contributing to lower prices was a prediction of lower interest rates. [45] Good U.S. economic news and Houthi attacks on ships helped oil increase for a second week, with Brent finishing at $79.07 and WTI at $73.56. [46] After a 2 percent rise on December 26 due to that attacks and anticipation of U.S. interest rate cuts, [47] oil fell 2 percent on December 27 and 3 percent December 28 with Red Sea shipping resuming. Brent finished at $77.15 and WTI finished at $71.77. Further drops resulted from U.S. gulf refiners clearing inventories to avoid storage taxes. [48] Gas ended the year at $3.11, the lowest for the end of the year since 2020. [34]

2024

Oil rose for the first week of 2024 due to the Israel-Hamas War threatening to become a larger conflict, and positive U.S. economic news. Brent finished at $78.76 and WTI at $73.81. [49] Continuing Houthi attacks disrupted oil trading and increased costs, driving up oil prices. Brent finished January at $80.55 and WTI at $75.85. [50]

For the first full week of February, oil jumped 6 percent after a 7 percent fall the previous week, due to concerns about oil supplies from the Middle East and less chance of a cease-fire in the Israel-Hamas war. Brent finished at $82.19 and WTI at $76.84. [51] WTI began March up 4.5 percent for the week to $79.97 with Brent up 2.4 percent to $83.55, with the expectations of continued production cuts by OPEC and others a major reason. Actions by Houthis also contributed. [52] Two weeks later oil ended the week up more than 3 percent as Brent went over $85 for the first time since November, finishing at $85.33, with WTI at $81.09. Higher demand with lower U.S. stockpiles and Ukrainian attacks on Russian refineries accompanied an increase in U.S. oil rigs and a stronger dollar. [53] In the final week of March, Brent was up 2.4 percent to $87.48, the highest since October, and WTI rose 3.2 percent to $83.17. Fourth quarter 2023 U.S. economic growth was more than expected, and inflation data made lower interest rates less likely until late in the year. Higher U.S. oil and gasoline inventories were still less than expected and the rig count was down. [54] Late in April, positive U.S. economic news and concerns about the Middle East war helped oil to rise, with Brent finishing April 25 at $89.01 and WTI at $83.57. U.S. growth had been shown to be slowing, gasoline stockpiles fell less than expected, and U.S crude inventories fell. [55]

On May 17, oil finished up for the week for the first time in three weeks, with Brent at $83.98, up 1 percent, and WTI at $80.06, up 2 percent. Lower inventories and positive economic news from the U.S. and China made higher demand appear more likely. [56] Continuation of U.S. Federal Reserve policy helped prices fall the next week, though they rose to end the week due to positive U.S. economic news, with Brent finishing at $82.12 and WTI at $77.72. [57] During the final week of May, oil fell for two days in a row, with low demand and high stockpiles in the United States. Brent finished May 30 at $81.86 and WTI at $77.91. [58] The first week of June was the third down week for oil, with Brent finishing down 2.5 percent for the week of June 7 at $79.62 and WTI down 1.9 percent to $75.53. Positive U.S. economic news suggested a delay in reducing U.S. interest rates, while the European Central Bank did lower rates for the first time since 2019. Chinese imports were lower even though exports were up. OPEC and others met and indicated willingness to stop production increases. [59] The next week oil jumped 4 percent with Brent finishing at $82.62 and WTI at $78.54, with high demand forecasts a big reason, despite lower confidence in the U.S. economy by consumers. [60] On June 20, Brent reached $85.89, highest since May 1 after U.S. crude inventories fell and a U.S. jobs report made cutting interest rates more likely. [61] Oil finished June up 6 percent, with WTI finishing at $81.54. [62] The next week, Brent reached $87.55, the highest since April, and WTI closed at $83.88, highest in 11 weeks. U.S. crude stocks were down, the dollar was weak and high U.S. demand was forecast. [63] The next week Brent was down nearly 2 percent to $85.03 after going up for four weeks. WTI fell more than 1 percent to $82.21. While demand for gasoline was high, a negative economic report from the U.S. did not change expectations for lower interest rates in the future. [64]

On July 19 oil closed at the lowest level since mid-June after Brent fell nearly 3 percent to $82.63, and WTI fell more than 3 percent to $80.13 with a stronger dollar and a likely ceasefire in the Israel–Hamas war. [65] Positive U.S. and Chinese economic news helped oil rise in the first full week of August, with Brent gaining 3.5 percent to finish August 9 at $79.66 and WTI up more than 4 percent to $76.84. U.S. jobless claims fell, U.S. interest rates appeared likely to decrease, and Chinese inflation was higher than expected. Increased likelihood of Iranian attacks on Israel, and continued attacks by Houthis, also contributed. [66] Bad economic news from China led to a nearly 2 percent drop in oil prices August 16, though there was little change for the week after prices rose earlier due to fears of a worsening situation in the Middle East. [67] During the next week, Brent and WTI fell to their lowest levels since January after a pessimistic forecast for U.S. job growth. On August 23 both jumped over 2 percent, Brent closing at $79.02 and WTI at $74.83. The U.S. Federal Reserve chair indicated rates were going down. [68] Closing of Libya oil fields caused oil to jump to the highest point in two weeks on August 26. However, oil fell later in the week and Brent ended the month at $78.80, down 2.4 percent, and WTI finished August down 3.6 percent to $73.55. OPEC and others planned to increase production in October, and good U.S. economic news also contributed. [69]

The first week of September ended with Brent down 10 percent for the week to $71.06, its lowest since December 2021, and WTI down 8 percent to $67.67, lowest since June 2023. Negative U.S. jobs news cancelled out a promise by OPEC and others to postpone production increases, and lower U.S. stockpiles. [70] Gas was $3.25 on September 11. [71] However, on the same day, despite an increase in crude inventories, oil jumped due to the chance Hurricane Francine would interrupt production. Brent finished at $70.61 and WTI at $67.31. [72]

After the U.S. Federal Reserve reduced interest rates September 18, Brent fell to $73.65 and WTI fell to $70.91, but lower U.S. inventories and the possibility of Mideast violence kept the decline from being greater. [73] After sources said OPEC and other nations would increase production and China's central bank also reduced interest rates, Brent fell 3 percent to $71.89 for the final week of September and WTI fell 5 percent to $68.18. [74]

The next week due to concerns about possible war in the Middle East, Brent rose 8 percent, the most in a week since January 2023, to $78.05. WTI finished up 9 percent, the most since March 2023, at $74.03. [75] On October 8, oil fell more than 4 percent with expectations of a cease-fire between Israel and Hezbollah. Brent fell from above $390, the highest since August, to $77.18, and WTI finished at $73.57. [76] The next week, slower economic growth in China and Middle East uncertainty contributed to the biggest decline for a week since September 2. Brent fell over 7 percent to $73.06 while WTI dropped 8 percent to $69.22. [77] Oil went up about 4 percent in the fourth week of October with Brent finishing at $76.05 and WTI at $71.78. Prices were moving back and forth due to uncertainty in the Middle East, and the U.S. election and other elections. [78] After oil fell more than 6 percent October 28 due to less fear of more trouble in the Middle East, WTI finished October at $70.76 and Brent ended the month at $74.26. Oil jumped the last day of the month due to new fears of actions by Iran and possible delays in increased output. [79]

Lower Chinese demand and the chance of fewer U.S. interest rate cuts contributed to oil falling 2 percent on November 15. With demand worldwide down, Brent finished the week down 4 percent to $71.04 with WTI down 5 percent to $67.02. [80] The Ukraine War contributed to oil rising 6 percent for the week, with Brent finishing at $75.17 and WTI at $71.24. [81] After a ceasefire in the Israel-Hezbollah conflict, Brent finished the next week down 3 percent to $72.94 and WTI fell nearly 5 percent to $68. [82] For the first week of December, Brent fell 2.5 percent to $71.12 and WTI was down just over 1 percent to $67.20. Although OPEC and others delayed production increases. worldwide demand decreased, especially in China, and U.S. production rose. [83] The next week, Brent rose 5 percent to $74.49 and WTI was up 6 percent to $71.29, the highest since November 7. Expected sanctions against Russia and Iran, Middle East troubles and an expected U.S. interest rate cut were major reasons. [84]

See also

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The Organization of the Petroleum Exporting Countries is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960, in Baghdad by the first five members which are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production, according to a 2022 report. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.

<span class="mw-page-title-main">West Texas Intermediate</span> Grade of crude oil used as a benchmark in oil pricing

West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet. Oil produced from any location can be considered WTI if the oil meets the required qualifications. Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because of its low density and sweet because of its low sulfur content.

<span class="mw-page-title-main">Brent Crude</span> Classification of crude oil that serves as a major worldwide benchmark price

Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE Brent Crude Oil futures contract or the contract itself. The original Brent Crude referred to a trading classification of sweet light crude oil first extracted from the Brent oilfield in the North Sea in 1976. As production from the Brent oilfield declined to zero in 2021, crude oil blends from other oil fields have been added to the trade classification. The current Brent blend consists of crude oil produced from the Forties, Oseberg, Ekofisk, Troll oil fields and oil drilled from Midland, Texas in the Permian Basin.

<span class="mw-page-title-main">2000s energy crisis</span> Sixfold rise in oil prices, peaking in 2008

From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under US$25/barrel in 2008 dollars. During 2003, the price rose above $30, reached $60 by 11 August 2005, and peaked at $147.30 in July 2008. Commentators attributed these price increases to many factors, including Middle East tension, soaring demand from China, the falling value of the U.S. dollar, reports showing a decline in petroleum reserves, worries over peak oil, and financial speculation.

<span class="mw-page-title-main">Price of oil</span> Spot price of a barrel of benchmark crude oil

The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level.

For further details see the "Energy crisis" series by Facts on File.

<span class="mw-page-title-main">Benchmark (crude oil)</span> Reference price for trading of an oil commodity

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<span class="mw-page-title-main">1980s oil glut</span> Oversupply of oil in the 1980s

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<span class="mw-page-title-main">World oil market chronology from 2003</span> Chronology of events affecting the oil market

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Western Canadian Select (WCS) is a heavy sour blend of crude oil that is one of North America's largest heavy crude oil streams and, historically, its cheapest. It was established in December 2004 as a new heavy oil stream by EnCana, Canadian Natural Resources, Petro-Canada and Talisman Energy. It is composed mostly of bitumen blended with sweet synthetic and condensate diluents and 21 existing streams of both conventional and unconventional Alberta heavy crude oils at the large Husky Midstream General Partnership terminal in Hardisty, Alberta. Western Canadian Select—the benchmark for heavy, acidic crudes—is one of many petroleum products from the Western Canadian Sedimentary Basin oil sands. Calgary-based Husky Energy, now a subsidiary of Cenovus, had joined the initial four founders in 2015.

<span class="mw-page-title-main">Russian financial crisis (2014–2016)</span> Period of devaluation of the Russian rouble, linked to the Crimean conflict

The financial crisis in Russia in 2017 was the result of the sharp devaluation of the Russian rouble beginning in the second half of 2014. A decline in confidence in the Russian economy caused investors to sell off their Russian assets, which led to a decline in the value of the Russian rouble and sparked fears of a financial crisis. The lack of confidence in the Russian economy stemmed from at least two major sources. The first is the fall in the price of oil in 2014. Crude oil, a major export of Russia, declined in price by nearly 50% between its yearly high in June 2014 and 16 December 2014. The second is the result of international economic sanctions imposed on Russia following Russia's annexation of Crimea, the war in Donbas and the broader Russo-Ukrainian War.

<span class="mw-page-title-main">2020 Russia–Saudi Arabia oil price war</span> 2020 oil price war between Russia and Saudi Arabia

On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. Russia walked out of the agreement, leading to the fall of the OPEC+ alliance.

<span class="mw-page-title-main">2020 stock market crash</span> Financial market reaction to the COVID-19 pandemic

On 20 February 2020, stock markets across the world suddenly crashed after growing instability due to the COVID-19 pandemic. It ended on 7 April 2020.

<span class="mw-page-title-main">Financial market impact of the COVID-19 pandemic</span> Economic turmoil associated with the pandemic

Economic turmoil associated with the COVID-19 pandemic has had wide-ranging and severe impacts upon financial markets, including stock, bond, and commodity markets. Major events included a described Russia–Saudi Arabia oil price war, which after failing to reach an OPEC+ agreement resulted in a collapse of crude oil prices and a stock market crash in March 2020. The effects upon markets are part of the COVID-19 recession and are among the many economic impacts of the pandemic.

<span class="mw-page-title-main">COVID-19 recession</span> Economic downturn, primarily due to the COVID-19 pandemic

The COVID-19 recession was a global economic recession caused by COVID-19 lockdowns. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis. Within seven months, every advanced economy had fallen to recession.

As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.

References

  1. ↑ Scott Disavino (January 6, 2023). "Oil settles flat, with weekly decline on recession worries". Reuters.
  2. ↑ Laila Kearney (January 20, 2023). "Oil up more than 1% on U.S. inflation data, demand optimism". Reuters.
  3. ↑ Stephanie Kelly (February 3, 2023). "Oil falls about 3% as strong U.S. jobs data prompt interest rate concerns". Reuters.
  4. ↑ Stephanie Kelly (February 10, 2023). "Oil prices rise over 2% on Russian plan to cut output". Reuters.
  5. ↑ Yuka Obayashi and Sudarshan Varadhan (February 17, 2023). "Oil prices on track to finish week 2.5% lower on U.S. rate hike worries". Reuters.
  6. ↑ Chibuike Oguh (February 23, 2023). "Stocks, crude oil advances despite higher interest rate expectations". Reuters.
  7. ↑ Laila Kearney (February 24, 2023). "Oil flat on week as U.S. inventories rise but Russia cuts supply". Reuters.
  8. ↑ Laura Sanicola (March 1, 2023). "Oil settled up as rising supplies face Chinese demand hopes". Reuters.
  9. ↑ Arathy Somasekhar (March 10, 2023). "Oil prices rise after buoyant U.S. payrolls". Reuters.
  10. ↑ Laura Sanicola (March 17, 2023). "Oil prices settle down, post big weekly losses on bank fears". Reuters.
  11. ↑ Shariq Khan (March 31, 2023). "Oil settles 1% higher on tightening supplies, cooling US inflation". Reuters.
  12. ↑ Laura Sanicola (April 5, 2023). "Oil steadies as economic fears counter OPEC+ cuts, US stock draw". Reuters.
  13. ↑ Laura Sanicola (April 14, 2023). "Oil rises, logs weekly gains after IEA predicts record demand". Reuters.
  14. ↑ Rowena Edwards (April 21, 2023). "Oil set for weekly loss as economic uncertainty weighs". Reuters.
  15. ↑ Scott Disavino (April 28, 2023). "Crude prices up over 2% on rising U.S. oil demand and lower output". Reuters.
  16. ↑ Arathy Somasekhar (May 5, 2023). "Oil prices jump but post third straight weekly fall on economic woes". Reuters.
  17. ↑ Laura Sanicola (May 12, 2023). "Oil prices fall on stronger dollar, demand fears". Reuters.
  18. ↑ Arathy Somasekhar (May 26, 2023). "Oil prices rise as US closes in on debt deal". Reuters.
  19. ↑ Shariq Khan (June 1, 2023). "Oil rises 3% on US debt ceiling progress, traders on alert for OPEC+ meeting". Reuters.
  20. ↑ Shariq Khan (June 9, 2023). "Oil posts second weekly decline as demand concerns overshadow Saudi cut". Reuters.
  21. ↑ Stephanie Kelly (June 16, 2023). "Oil gains for the week as supply cuts balance demand concerns". Reuters.
  22. ↑ Stephanie Kelly (June 22, 2023). "Oil plunges 4% as interest rate hikes outweigh lower US oil supplies". Reuters.
  23. ↑ Laura Sanicola (June 30, 2023). "Oil settles higher but posts fourth straight quarterly decline". Reuters.
  24. ↑ Scott Disavino (July 7, 2023). "Oil prices up 3% to 9-week high on supply concerns". Reuters.
  25. ↑ Shariq Khan (July 14, 2023). "Oil prices fall on profit-taking, still record weekly gain". Reuters.
  26. ↑ Shariq Khan (July 21, 2023). "Oil rallies for fourth straight week on tightening supply". Reuters.
  27. ↑ Stephanie Kelly (July 28, 2023). "Oil posts fifth week of gains on signals of tighter supply". Reuters.
  28. ↑ Shariq Khan (July 31, 2023). "Oil prices hit multi-month highs on tightening supply". Reuters.
  29. ↑ Shariq Khan (August 4, 2023). "Oil rises for 6th straight week as global supplies tighten". Reuters.
  30. ↑ Shariq Khan (August 11, 2023). "Oil up on record demand forecast, 7th straight weekly gain". Reuters.
  31. ↑ Stephanie Kelly (September 1, 2023). "Oil rises to highest in over seven months on supply worries". Reuters.
  32. ↑ Scott Disavino (September 8, 2023). "Oil prices rise to 9-month high on worries about tight supply". Reuters.
  33. ↑ Scott Disavino (September 28, 2023). "Oil eases 1%, reversing rally, on profit taking, interest rate worries". Reuters.
  34. 1 2 Charley Blaine (December 31, 2023). "Gasoline hits lowest year-end price since 2020". TheStreet .
  35. ↑ Arathy Somasekhar (October 6, 2023). "Oil prices extend rapid slide on demand worries". Reuters.
  36. ↑ Stephanie Kelly (October 5, 2023). "Oil prices rise, but post biggest weekly decline since March". Reuters.
  37. ↑ Stephanie Kelly (October 13, 2023). "Oil surges nearly 6% after Israel begins ground raids into Gaza". Reuters.
  38. ↑ Shariq Khan (October 20, 2023). "Oil drops after Hamas releases US hostages". Reuters.
  39. ↑ Scott Disavino (October 27, 2023). "Oil prices up 3% on worries about Middle East supplies". Reuters.
  40. ↑ Scott Disavino (November 10, 2023). "Oil prices settle up as Iraq backs more output cuts from OPEC+". Reuters.
  41. ↑ Stephanie Kelly (November 16, 2023). "Oil prices slump to 4-month low on U.S., Chinese economic concerns". Reuters.
  42. ↑ Nicole Jao (November 17, 2023). "Oil jumps 4% after week-long selloff, but falls for a fourth week". Reuters.
  43. ↑ Nicole Jao (December 1, 2023). "Oil prices fall more than 2% as investors skeptical of OPEC+ cuts". Reuters.
  44. ↑ Shariq Khan (December 8, 2023). "Oil gains over 2% but records seventh weekly decline". Reuters.
  45. ↑ Erwin Seba (December 15, 2023). "Oil prices take a small loss in seesaw session". Reuters.
  46. ↑ Scott Disavino (December 22, 2023). "Oil eases ahead of Christmas break on possible future Angola output increase". Reuters.
  47. ↑ Arathy Somasekhar and Georgina Mccartney (December 26, 2023). "Oil jumps over 2% amid Red Sea vessel attacks, rate cut hopes". Reuters.
  48. ↑ Shariq Khan (December 28, 2023). "Oil prices settle down 3% as Red Sea shipping disruptions ease". Reuters.
  49. ↑ Erwin Seba (January 5, 2024). "Oil prices settle higher on Middle East tensions". Reuters.
  50. ↑ Stephanie Kelly (February 1, 2024). "Oil prices drop 2% on unsubstantiated ceasefire reports, refinery shutdown". Reuters.
  51. ↑ Laura Sanicola (February 9, 2024). "Oil settles up, notches weekly gain on tight supply, Middle East conflict". Reuters.
  52. ↑ Nicole Jao (March 1, 2024). "Oil climbs 2%, notches weekly gains ahead of OPEC+ decision". Reuters.
  53. ↑ Erwin Seba (March 15, 2024). "Oil prices dip, but set for weekly gain of over 3%". Reuters.
  54. ↑ Laila Kearney (March 28, 2024). "Oil rises more than $1 a barrel on tighter supply outlook". Reuters.
  55. ↑ Arathy Somasekhar (April 25, 2024). "Oil eases as US demand concerns outweigh Middle East fears". Reuters.
  56. ↑ Nicole Jao (May 17, 2024). "Oil settles up on hopes of firmer demand". Reuters.
  57. ↑ Stephen Culp (May 24, 2024). "Wall Street ends higher, crude prices rise ahead of US holiday weekend". Reuters.
  58. ↑ Shariq Khan (May 30, 2024). "Oil falls as US reports surprise fuel build, weak demand". Reuters.
  59. ↑ Nicole Jao (June 7, 2024). "Oil dips on deflated US interest rate cut expectations, OPEC+ decision". Reuters.
  60. ↑ Nicole Jao (June 14, 2024). "Oil dips, but posts weekly gain on solid 2024 demand outlook". Reuters.
  61. ↑ Erwin Seba (June 20, 2024). "Oil prices rise on US crude draw; jobs data feeds rate cut hopes". Reuters.
  62. ↑ Nicole Jao (June 28, 2024). "Oil eases on weak US fuel demand, profit taking". Reuters.
  63. ↑ Nia Williams (July 4, 2024). "Brent crude trades above $87, sets highest levels since April". Reuters.
  64. ↑ Nicole Jao (July 12, 2024). "Oil prices settle down after data shows weaker US consumer sentiment". Reuters.
  65. ↑ Georgina Mccartney (July 19, 2024). "Oil settles at one-month low on Gaza ceasefire hopes". Reuters.
  66. ↑ Arathy Somasekhar (August 9, 2024). "Oil posts 3% weekly gains on positive economic data, rate cut hopes". Reuters.
  67. ↑ Shariq Khan (August 16, 2024). "Oil falls 2% to end volatile week, focus on China demand concerns". Reuters.
  68. ↑ Erwin Seba (August 23, 2024). "Oil climbs over 2% after Fed's Powell indicates US rate cuts". Reuters.
  69. ↑ Georgina Mccartney (August 30, 2024). "Oil settles $1 down as supply set to rise, uncertainty around Fed rate cuts". Reuters.
  70. ↑ Nicole Jao (September 6, 2024). "Oil settles down 2%, big weekly drop after US jobs data". Reuters.
  71. ↑ Shariq Khan (September 12, 2024). "US gasoline prices set to fall under $3/gallon as election nears". Reuters.
  72. ↑ Erwin Seba (September 11, 2024). "US crude oil climbs more than $2 on fears of Hurricane Francine". Reuters.
  73. ↑ Laila Kearney (September 18, 2024). "Oil prices fall as Fed rate cut stirs economic worries, storage report mixed". Reuters.
  74. ↑ Georgina Mccartney (September 27, 2024). "Oil settles higher but falls on the week on firmer supply outlook". Reuters.
  75. ↑ Shariq Khan (October 4, 2024). "Oil settles up, biggest weekly gains in over a year on Middle East war risk". Reuters.
  76. ↑ Erwin Seba (October 8, 2024). "Crude prices slide over 4% on possible Hezbollah-Israel ceasefire". Reuters.
  77. ↑ Georgina Mccartney (October 18, 2024). "Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook". Reuters.
  78. ↑ Georgina Mccartney (October 25, 2024). "Oil settles up, weekly gain 4% as investors weigh Middle East risk and US election". Reuters.
  79. ↑ Georgina Mccartney (October 31, 2024). "Oil gains more than $2 after settlement on reports Iran preparing Israel attack". Reuters.
  80. ↑ Georgina Mccartney (November 15, 2024). "Oil settles down 2% on weaker Chinese demand, uncertainty over Fed rate cut". Reuters.
  81. ↑ Scott Disavino (November 22, 2024). "Oil prices settle up 1% at 2-week high as Ukraine war intensifies". Reuters.
  82. ↑ Nicole Jao (November 29, 2024). "Oil settles down as ease of supply risks drives weekly loss". Reuters.
  83. ↑ Laila Kearney (December 6, 2024). "Oil prices fall on supply glut fears despite OPEC+ output cut extension". Reuters.
  84. ↑ Scott Disavino (December 13, 2024). "Oil up 2%, settles at 3-week high as more sanctions loom on Russia, Iran". Reuters.
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