Despite the Israel-Hamas War, Global Oil Prices Fell in October 2023

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Adi Ahdiat 07/11/2023 12:34 WIB

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Despite the Israel-Hamas war, the average global crude oil price fell in October 2023.

Average Monthly Global Oil Prices (January 2020-October 2023)

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Despite the Israel-Hamas War, Global Oil Prices Fell in October 2023

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Average Monthly Global Oil Prices (January 2020-October 2023)

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The Israel-Hamas war in Palestine has raged since early October 2023 and continues to this day.

Amidst this conflict, global oil prices have fallen. This contrasts with February 2022, when the Russia-Ukraine war erupted and drove up global oil prices.

According to World Bank data, the average Brent crude oil price in October 2023 reached US$91.06 per barrel, down 3.1% compared to September 2023 (month-on-month/mom) before the Israel-Hamas war.

During the same period, the price of West Texas Intermediate (WTI) crude oil also fell 4.5% (mom) to US$85.57 per barrel.

These prices are also down compared to a year ago. Compared to October 2022 (year-on-year/yoy), the average Brent crude oil price in October 2023 was 2.2% lower (yoy), and the WTI price weakened by 1.9% (yoy).

In its October 2023 Commodity Markets Outlook report, the World Bank projects that oil prices will continue to weaken until 2024, as long as the Israel-Hamas war does not escalate to involve other countries.

"Assuming the conflict in the Middle East does not escalate, the average Brent crude oil price is projected to reach US$84 per barrel in 2023, down from 2022's average of nearly US$100 per barrel," the World Bank stated in its report.

"Then (oil prices) will moderate in 2024 amid weakening global economic growth and increased supply, and tend to stabilize in 2025 as demand and supply recover," it continued.

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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Despite the Israel-Hamas War, Global Oil Prices Fell in October 2023

Despite the Israel-Hamas War, Global Oil Prices Fell in October 2023

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Despite the Israel-Hamas War, Global Oil Prices Fell in October 2023

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