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.

Engineers want to carve through Africa with a giant canal to bring water from the world’s second-largest river to a dying lake on the edge of the Sahara Desert that has already lost 90% of its water.

A giant brown band visible from space, approximately 8,850 kilometers long, connected Africa to America in the Atlantic Ocean, and satellites revealed that it is neither land nor pollution, but the largest accumulation of seaweed in the world, which broke records in 2025.

Brazil filled the Northeast with wind turbines but now faces the side effect of 705 giant blades reaching the end of their lifespan by 2032 just in Rio Grande do Norte, while the world projects 43 million tons of waste by 2050.

India approved the country’s first submerged road-rail tunnel, 15.8 kilometers dug under the bed of the Brahmaputra River.

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