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Weekly Oil Dashboard: October 17, 2022.

IMF's gloomy forecast for the world economy reverses the upward trend in crude oil prices crude oil prices.

After the sharp rise in crude oil prices in early October, following OPEC+'s decision to cut production by 2 mb/d, the trend reversed last week with the release of the IMF's World Economic Outlook and the IEA's monthly report on the oil market. In one week, prices lost almost $5/b. At the close of trading last Friday, Brent crude oil on the London futures market was trading at $91.6/b and WTI fell back below $90/b to $85.6/b. On a weekly average basis, Brent gained $0.6/b (+0.6%) to $93.8/b and WTI +$0.7/b (+0.8%) to $88.5/b. The consensus of economists surveyed by Bloomberg as of 14 October is stable with a median Brent price in 2023 at $94.6/b.

Online crude oil price: Brent and WTI market

 








 

IMF paints a bleak picture of the global economy

In its latest report (World Economic Outlook) published last week, the IMF paints a bleak picture of the global economy, warning that "we are entering a new danger zone". of the world economy, warning that "we are entering a new danger zone". Record inflation (+8.8% in 2022), tighter financial conditions (rising interest rates and the dollar), the war in Ukraine and the persistence of the Ukraine and the persistence of the Covid-19 pandemic are the main factors that explain the slowdown in global growth to 3.2% in 2022. growth to 3.2% in 2022 and 2.7% in 2023, As a reminder, last April, the IMF's growth outlook was 3.2% in 2022 and 2.7% in 2023, 3.6% in 2022 and 2023.


View our full Crude Oil Market Report - Week of 11/10/2022 - due out this 17/10/2022.




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