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The World Bank reports that oil averaged $78 a barrel in December, down from $94 in September, with weak global activity and record US output weighing on prices. It forecasts Brent averaging $81 in 2024, with upside risks from OPEC+ cuts and Middle East supply disruptions.
A modest 2024 price recovery forecast implies moderately higher energy costs for feed producers, with geopolitical risks adding upside.
blogs.worldbank.orgPaolo Agnolucci, Kaltrina TemajJan 4, 2024After 54 past neutral macro events, Crude Oil (Brent) moved a median +0.4% over 5 sessions (57% higher; middle half -2.8% to +2.5%), and +0.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
