The Brent crude oil market is usually influenced by global demand, which also correlates with the economic growth and activities of key consuming economies like the US and those in Asia. This piece explores key events that influenced global oil prices from the second quarter of 2023 until the shoulder of the fourth quarter.
In the second quarter of 2023, the US oil market experienced price fluctuations, recording an overall 11,3% decline at a quarterly average of US$77,89/barrel. This was on the back of Federal Reserve Bank interest rates
