Oil prices to fall as of 2024!
Oil experienced its largest drop in a month due to low demand in January and February and price cuts by Saudi Arabia.
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Oil prices saw a decline in January. Oil fell to its lowest level in nearly a month, influenced by price cuts from OPEC+ leader Saudi Arabia, turmoil in the Middle East, concerns in the Red Sea, and signs that the market is weakening.
Saudi Arabia announced that it will lower oil prices in all regions starting from February 2024.
According to the information provided, it was stated that Saudi Aramco will reduce the price of oil for the Asian market by 2 dollars per barrel.
The price of a barrel of Brent crude is trading at 76 dollars, while WTI crude oil is trading at 71 dollars.