26 Oct, 23

Oil May Be About To Go Down On Higher Costs

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Analysts have been talking about three-digit oil prices for months now, yet the benchmarks have stubbornly refused to move above $100, whatever happens. One reason for this is the economic headwinds pressuring prices and keeping them from breaking out above $100. The other: costs related to moving oil around have soared, souring demand. Bloomberg reported earlier this month that freight rates on 16 global maritime routes had gone up by 50% since the Hamas attack on Israel. The data came from the Baltic Exchange and concerned the period…

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