World Bank Cautioned Potential Record High Oil Prices
Russia’s war with Ukraine, coupled with the conflict in the Middle East, has led to a dual impact on the global economy. The World Bank believes that if geopolitical conflicts in the Middle East do not escalate, oil prices are expected to fall to an average of $81 per barrel in 2024; otherwise, prices may continue to rise. The previous highest oil price was $147.5 per barrel in July 2008.
Crude oil, referred to as the "mother of all commodities" and the "lifeblood of all industrialized countries," is a crucial resource for economic development worldwide. Why analyzing crude oil may be important? What factors can impact crude oil prices? >> The Underlying Conflicts Surrounding Crude Oil Prices
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