Year Ender 2023: Oil Prices Set To End 2023 About 10% Lower

After a tumultuous year marked by a $70-$98 per barrel range, oil prices are slated to finish 2023 roughly 10% lower, their first annual drop in two years. Brent crude tumbled $20 from its late-September peak, as a rollercoaster of geopolitical anxieties, production adjustments, and global inflation fights gave way to recessionary fears, sluggish Chinese demand, and record US output and exports.