Oil prices experienced a decline on Wednesday, influenced by the anticipation of major central banks maintaining higher interest rates for an extended period. This drop coincided with an upcoming meeting of OPEC+ ministers. Presently, Brent crude is trading at $90.35 per barrel, marking a 0.23% decrease for the day, while West Texas Intermediate crude (WTI) stands at $88.09 per barrel, reflecting a 0.31% decline.
It’s worth noting that in September, both Brent Crude and WTI had notable month-over-month increases of 5.93% and 7.96%, respectively, reaching $91.72 and $89.80. Nevertheless, Citigroup’s latest forecasts suggest that Brent Crude, the primary oil benchmark, could dip to $70 per barrel by 2024 due to an anticipated global surplus next year.
Apart from concerns about prolonged high interest rates, oil benchmarks are also facing pressure stemming from worries that a strengthening dollar could dampen demand by increasing the cost of oil for holders of other currencies.
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