Oil records the largest decline since 2020: In a year marked by fears of excessive oil production from OPEC+ countries,
and despite the war and the group’s attempt to reduce supplies, oil prices recorded their largest decline since 2020.

The price of West Texas Intermediate crude fell by 0.2%, reaching $72 per barrel, closing 2023 trading at $9 less than the price at the beginning of the year,
while the Bloomberg Commodity Index fell by 10% during 2023.

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A year full of challenges

Oil prices

A year full of challenges

Oil concluded a year full of challenges. The war between Israel and Hamas affected prices,
in addition to speculation about the Federal Reserve’s position on interest rates with the decline in inflation.
Despite all this, and despite the repeated decline in supplies from the Organization of the Petroleum Exporting Countries and its allies,
the increase in production from Countries outside OPEC, in addition to the fear of slowing growth in demand, all of these factors led to a decline in oil futures prices.

Oil prices

The price of West Texas Intermediate crude for February delivery fell by 0.2% to reach $71.65 a barrel in New York, losing 11% during 2023.

The price of Brent crude for March settlement fell by 0.1 % to settle at $77.04 per barrel

Oil records the largest decline since 2020

Oil records the largest decline since 2020

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