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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With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

Australia prepares to dredge 96.5 million m³ in Moreton Bay to deepen, widen, and realign channels of the Port of Brisbane, in a project of up to 25 years designed to accommodate larger ships and enhance maritime safety and regional port efficiency.

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