Crude prices reached their lowest point in over six months due to concerns over reduced demand and a slightly higher-than-expected November Consumer Price Index (CPI) reading, halting an initial upward trend. The January delivery of West Texas Intermediate (WTI) settled down by 3.8% at $68.61 per barrel, marking its lowest value since late June. Meanwhile, February Brent experiences a 3.7% decline to $73.24 per barrel. According to the Energy Information Administration’s (EIA) short-term energy outlook, the projected average spot price for WTI in 2024 has been revised down to $78.07 per barrel from the previous estimate of $89.24, while the forecast for Brent has been adjusted to $82.57 per barrel from $93.24. Join Manisha Gupta as she discusses this with Peter McGuire, CEO of XM Australia.
#stockmarket #live #commodities #crudeoil #cudeoilprices #usinflation #fedrates #crudeproduction
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