Some banks predict that the price of crude oil will continue to decline for two years.
World oil prices are down about 4% in 2024. As of December 31, Brent oil was worth about $74.5 per barrel, Bloomberg news agency reports.
Crude oil prices have been stuck in a tight range since mid-October, causing Brent crude prices to post their second straight annual decline, although lower than in the past.
The price of the benchmark American West Texas Intermediate (WTI) crude remained almost unchanged at $71.5.
The media said the oil market will face a global oversupply by 2025, complicating the task of the Saudi Arabia-led OPEC+ alliance to restore idle production. Some banks predict that the price of crude oil will continue to decline for two years.
While a potential outbreak of conflict in the Middle East or Ukraine could provide short-term support for oil.
As we have already written, Türkiye will start new drilling operations to search for oil in the southwestern part of the Black Sea.
Source: korrespondent
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