Oil Expected To Post A Second Annual Gain To End Turbulent 2022.

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Due to the conflict in the Ukraine, limited supply, a high dollar, and weaker demand from China, oil had a turbulent year. Oil prices increased and were expected to record their second consecutive annual rise.

Around $78.00 a barrel was the going rate for U.S. West Intermediate crude. Following a 55% increase the previous year, it is expected to rise 4.5% in 2022.

With Russia’s invasion of Ukraine, the U.S. Oil benchmark rose to a 14-year high of $130 a barrel in March. Prices spiked to a peak of $139.13 per barrel in March, the highest level since 2008.

A rise of COVID cases in the nation and worries about a worldwide recession are clouding the outlook for commodities consumption, even if China is anticipated to make a modest recovery in 2023.

Reuters

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