Factors Driving Oil Prices in 2023
Oil prices have been volatile in 2023, swinging between $70 and $100 per barrel. The main factors driving oil prices include supply, demand, and the US dollar. Analysts are divided on the outlook for oil prices in the remainder of 2023. Some analysts believe that prices could rise to $100 per barrel or more, while others believe that prices could fall to $70 per barrel or less
Oil prices have been volatile in 2023, swinging between $70 and $100 per barrel. The main factors driving oil prices include:
Supply: The war in Ukraine has disrupted global oil supplies, but the impact has been offset by increased production from other countries, such as Saudi Arabia and the United States.
Demand: Demand for oil has been weak in 2023 due to a slowing global economy and China's COVID-19 lo...