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Oil prices experienced a volatile week, falling below $77 before rebounding to $81. The fall was attributed to higher supply from Russia, US, Guyana, and North Sea, along with weak demand from the US and China. The rebound was driven by bets that OPEC+ will act to boost prices. Additionally, geopolitical and geoeconomic factors, such as slowing demand in China and Iran's re-entry into the international crude oil market, were cited as reasons for the current oil prices. The fluctuating prices have impacted various markets, with most Gulf markets gaining on the rising oil prices.
Most Gulf markets gain on rising oil prices https://t.co/7BrFmI15U3 https://t.co/RucYSCXddW
There are tangible #geopolitical and #geoeconomic reasons that point towards current #oil prices being close to their peak, including slowing demand in #China, and #Iran’s re-entry into the international #CrudeOil market, argues Aditya Bhan https://t.co/Q9RINBIEBQ
Why is the oil price struggling so much? A weak global economy. https://t.co/z1bK2PRWyH
Deflating Crude Oil Might Be Buoying Gold - The failure of the world's most significant commodity -- #crudeoil -- to stay above $100 a barrel in 2023 and its 4Q decline due to demand concerns may buoy #gold. The pair's 50-week moving averages bring trends into focus and show WTI… https://t.co/3oluh4kPhg https://t.co/2k7ZsSbp1Y
5 things that happened this week: Oil fell below $77 during the week, then rebounded to $81 Why the fall? Higher supply from Russia, US, Guyana, North Sea Weak demand from US, China Why the rebound? Bets that OPEC+ will move to boost prices 1/5 https://t.co/gfUAsCrmyb https://t.co/Q7C8JcBku8