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Moody's: Oil prices will remain volatile in 2023
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Economy News-Baghdad
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Added 01/18/2023 - 10:04 AM
Updated 01/18/2023 - 2:00 PM
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Economy News-Baghdad
Moody's, the credit rating agency, said that oil prices will remain volatile in 2023, but will receive some support from the lack of supplies.
The agency stated in a report that the average oil price this year will remain below $100 a barrel, which is the same as the average Brent crude benchmark last year.
Moody's stated that the course of oil prices in the current year is witnessing a state of uncertainty, with reliance on economic performance in major countries, according to Reuters.
Moody's report pointed out that the decline in oil prices since last June illustrates the decline in market expectations regarding the growth of demand for crude due to the decrease in demand from China in the near term and concern about the economic recession in the United States and Europe.
Moody's warned that the continuation or exacerbation of economic weakness in China, Europe or America may lead to a decline in oil prices below current levels.
Views 48
Added 01/18/2023 - 10:04 AM
Updated 01/18/2023 - 2:00 PM
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