Categories: Market

Brent and WTI below $80: Oil prices experienced record decline throughout the year

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Falling prices: The price of North Sea crude oil and US oil fell in the last trading week of the year. (archive image)

This was 39 cents more than the previous day. The price per barrel of the American variety West Texas Intermediate (WTI) rose 27 cents to $72.04.

In early trading, prices in the oil market stabilized after previously being under significant pressure. In the last trading week of the year, crude oil from the North Sea fell by more than four dollars a barrel and U.S. oil fell by more than three dollars a barrel. Even the unexpectedly serious decrease in oil reserves in the USA could not accelerate oil prices.

Oil prices also fell throughout the year. At the beginning of 2023, the cost of a barrel of Brent oil from the North Sea was still around $85. The start of the war in the Middle East caused the Brent price to approach the 100 dollar limit in early October. But then the trend began to reverse. (SDA)

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