First-Half 2024 Oil Prices Fluctuate: What's the Future Outlook?

Market

Premium

Adi Ahdiat 03/07/2024 15:55 WIB

URL has been copied

Memuat...

According to World Bank economists, global crude oil prices will be volatile in the first half of 2024. Several potential risks could also drive prices higher, such as geopolitical conflicts.

Average Monthly Brent and WTI Crude Oil Prices (January 2023-June 2024)

A Small Font
A Medium Font
A Bigger Font

You are accessing content Single Data Premium.
To continue, please subscribe or buy individually.

Professional

Enjoy premium access with a more affordable price.

Start from

~~Rp300.000~~ 150.000/month

Access more premium content and exclusive features for customers.

Start from

50.000/month

Hanya Rp833 per artikel

More details »

Buy Retail

Read the article immediately “First-Half 2024 Oil Prices Fluctuate: What's the Future Outlook?”.

Rp10.000

We accept the following payments:

Some payment methods are still in the process of being activated.

Average Monthly Brent and WTI Crude Oil Prices (January 2023-June 2024)

Download

Source

A Small Font
A Medium Font
A Bigger Font

According to Paolo Agnolucci, an economist from the World Bank, global crude oil prices fluctuated in the first half of 2024.

"Over the past six months, oil prices have been volatile, influenced by rising geopolitical tensions, OPEC+ production cuts, and some signs of strengthening global industrial activity," said Paolo in his research article, *Oil market dynamics: The calm after the storm* (June 14, 2024).

Based on World Bank data, the average price of Brent and West Texas Intermediate (WTI) crude oil rose for four consecutive months during January-April 2024.

Then, in May 2024, the price fell before strengthening again.

By June 2024, the average Brent price reached US$82.56 per barrel, up 0.7% compared to May 2024 (month-on-month/mom). The WTI price rose 0.1% (mom) to US$78.89 per barrel.

The Brent price in June 2024 was also about 10% higher than in June of the previous year (year-on-year/yoy), while the WTI price was 12% higher (yoy).

Overall, the World Bank projects the average global crude oil price to reach US$84 per barrel throughout 2024, up from an average of US$82.6 per barrel in 2023.

However, the World Bank stated that there are risks that could push oil prices higher than projected, such as an escalation of geopolitical conflicts and lower-than-expected oil supply.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."