Crude oil prices could decline below $50 a barrel this year, according to analysts from outlets including S&P Global. This will give American drivers much needed relief at the pump after years of gas price inflation. One reason for the hypothetical decline is what is widely seen as weakening demand growth.
The IEA recently estimated this growth at below 1 million bpd this year, the weakest since the pandemic lockdown period. Supply, on the other hand is, growing, notably from OPEC+, which earlier this year decided to start bringing back production…Oil Prices Could Sink Below $50 This Year
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