Global Oil Prices Continue to Fall Throughout Q3 2022

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Adi Ahdiat 13/10/2022 11:00 WIB

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Brent and WTI crude oil prices, which are the benchmarks for global oil trading, continued to decline throughout the third quarter of 2022.

Average Monthly Price of Brent and WTI Crude Oil (January 2020-September 2022)

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Average Monthly Price of Brent and WTI Crude Oil (January 2020-September 2022)

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Brent and West Texas Intermediate (WTI) crude oil prices, which are benchmarks for global oil trade, continued to decline throughout the third quarter of 2022.

According to World Bank data, the average monthly Brent crude oil price fell from July 2022, reaching US$90.16/barrel in September 2022.

This price is significantly lower than its record high of US$120.08/barrel in June 2022.

However, the Brent price is still higher than at the beginning of 2022 before the Russia-Ukraine war, and more expensive than a year ago, when it was only US$74.6/barrel in September 2021.

WTI crude oil prices also decreased during the same period. In June 2022, the average monthly WTI oil price was above US$100/barrel. However, from July to September 2022, the price continuously fell to US$83.87/barrel.

This WTI price is almost the same as at the beginning of the year before the Russia-Ukraine war erupted. However, WTI remains more expensive than a year ago, when it was only US$71.56/barrel in September 2021.

Although oil prices have shown a downward trend, the International Monetary Fund (IMF) warns of future risks that could push oil prices higher than they are currently.

"Energy prices will remain highly sensitive to the war in Ukraine and the potential for other geopolitical conflicts," the IMF stated in its latest World Economic Outlook, released on Tuesday, October 11, 2022.

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."

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Global Oil Prices Continue to Fall Throughout Q3 2022

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