Crude prices drop to 10℅ as 2023 ends.

By Hannah Nathan, Warri

As 2023 draws to a close, crude oil prices are expected to finish the year roughly 10% lower. This is the first yearly fall in the previous two years due to production cuts, geopolitical concerns, and international efforts to control inflation-induced wild price swings.

On Friday, the final trading day of 2023, at 10:10 am, Brent crude futures reached a high of $77.72 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were trading at $72.35.

As more shipping companies got ready to travel the Red Sea route, oil prices rebounded on Friday after dropping 3% the day before.

Large companies had ceased using Red Sea routes following the start of the Houthi terrorist organization in Yemen.

Nevertheless, both benchmarks are expected to finish the year at their lowest points since 2020, when the epidemic severely impacted demand and caused prices to plummet.

Furthermore, the Organization of Petroleum Exporting Countries, or OPEC and OPEC +, of which Nigeria is a member, has not been able to sustain price increases, as evidenced by the benchmarks falling by almost 20% from their highest point this year.