Oil Sees Drop After 10-Month High: What to Expect?

Written by Douglas Avila

Published on 20/09/2023 at 11:00

Gráfico mostrando a flutuação dos preços do petróleo nos últimos 10 meses

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After Reaching Highest in 10 Months, Oil Prices Drop. Understand the Factors Behind This Movement.

Oil prices reached a significant milestone, hitting 10-month highs before experiencing a pullback. This movement was influenced by various global factors, including production cuts in Saudi Arabia and Russia. Brent crude, the global benchmark, closed slightly lower, settling at US$ 94.34 a barrel, after having reached US$ 95.96 earlier.

On the other hand, U.S. crude oil (WTI) also saw a decline, marking US$ 91.20 per barrel. This price dynamic caught the attention of the investment bank UBS, which began taking profits but still forecasts that Brent will fluctuate between US$ 90 and US$ 100 in the coming months.

The situation becomes even more complex when considering the decisions made by the OPEC+ alliance, which extended supply cuts, and the potential export tariffs that Russia may impose. Additionally, U.S. oil production in shale regions is expected to decrease, reaching the lowest level since May 2023.

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Oil Sees Drop After 10-Month High: What to Expect?

After Reaching Highest in 10 Months, Oil Prices Drop. Understand the Factors Behind This Movement.

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Oil Sees Drop After 10-Month High: What to Expect?

After Reaching Highest in 10 Months, Oil Prices Drop. Understand the Factors Behind This Movement.

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In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

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