View source for 2023–2025 world oil market chronology

{{main|World oil market chronology from 2003}}

In 2023, the first two quarters saw declines, though concerns over U.S. interest rates have kept oil from rising as much as it could have. Oil then rose for seven straight weeks to a nine-month high and then rose and fell before seven weeks of declines.  

==2023==
Both [[Brent Crude|Brent]] and [[West Texas Intermediate|WTI]] started the year down more than 8 percent, the most for a first week since 2016. Brent finished at $78.57 and WTI at $73.77, after gaining 13 percent in the previous three weeks. U.S. jobs news indicated the economy was slowing, meaning less chance of another large [[Federal funds rate|interest rate]] increase, and the dollar jumped. The price of Saudi light crude sold to Asia fell to the lowest since November 2021.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-extend-gains-lower-us-fuel-inventories-2023-01-06/
  |title=Oil settles flat, with weekly decline on recession worries
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=January 6, 2023
  }}</ref> Oil rose for the next two weeks, with Brent ending at $87.63 and WTI at $81.31, with loosening of restrictions in China a big reason, along with expectation of smaller interest rate increases. A lower oil rig count and the [[2022 Russian oil price cap|Russian cap]] also contributed, though U.S. crude inventories were the highest since June 2021.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-climb-hopes-fed-slowing-interest-rate-hikes-2023-01-20/
  |title=Oil up more than 1% on U.S. inflation data, demand optimism
  |author=Laila Kearney
  |agency=
  |work=Reuters
  |date=January 20, 2023
  }}</ref> For the week ending February 3, oil fell nearly 8 percent, with Brent at one point reaching $79.72, lowest since January 11, and WTI reaching $73.13, lowest since January 5. Both fell about 3 percent on February 3 with positive U.S. jobs news causing concerns about interest rate increases, even though the Federal Reserve raised rates less than it had been.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-heads-weekly-loss-awaiting-china-recovery-signs-2023-02-03/
  |title=Oil falls about 3% as strong U.S. jobs data prompt interest rate concerns
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=February 3, 2023
  }}</ref> The next week oil rose over 8 percent, with Brent finishing at $86.39 and WTI at $79.72, as Russia announced production cuts. The [[European Union]]'s cap and its ban on Russian oil were believed to have had influence, but gains were limited by low Chinese demand, increased U.S. unemployment claims and high inventories.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-dips-heads-weekly-gain-despite-us-downturn-fears-2023-02-10/
  |title=Oil prices rise over 2% on Russian plan to cut output
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=February 10, 2023
  }}</ref> Positive U.S. economic news, higher U.S stockpiles and lower stock prices helped oil fall for a second week, with Brent hitting $84.18 and WTI at $77.52.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-fall-us-rate-hike-worries-overshadow-demand-outlook-2023-02-17/
  |title=Oil prices on track to finish week 2.5% lower on U.S. rate hike worries
  |author=Yuka Obayashi and Sudarshan Varadhan
  |agency=
  |work=Reuters
  |date=February 17, 2023
  }}</ref> In spite of higher U.S. inventories, because of Russia's plans to decrease output, WTI climbed 2 percent to $75.39 on February 23 after falling for 6 straight days. Brent finished at $82.21, also up 2 percent.<ref>{{cite news|url=https://www.reuters.com/markets/global-markets-wrapup-1-2023-02-23/
  |title=Stocks, crude oil advances despite higher interest rate expectations
  |author=Chibuike Oguh
  |agency=
  |work=Reuters
  |date=February 23, 2023
  }}</ref><ref>{{cite news|url=https://www.reuters.com/business/energy/oil-gains-russian-supply-cut-worries-higher-us-inventories-weigh-2023-02-24/
  |title=Oil flat on week as U.S. inventories rise but Russia cuts supply
  |author=Laila Kearney
  |agency=
  |work=Reuters
  |date=February 24, 2023
  }}</ref> At the end of February, U.S. crude exports reached a record due to the growing gap between WTI and Brent.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-rise-china-factory-gains-boost-demand-outlook-2023-03-01/
  |title=Oil settled up as rising supplies face Chinese demand hopes
  |author=Laura Sanicola
  |agency=
  |work=Reuters
  |date=March 1, 2023
  }}</ref>

In the first full week of March, oil fell 3 percent due to concerns about U.S. and European interest rates, though not as much as it could have due to good U.S. economic news, with Brent finishing at $82.68 and WTI at $76.68.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-little-changed-worries-over-rate-hikes-persist-2023-03-10/
  |title=Oil prices rise after buoyant U.S. payrolls
  |author=Arathy Somasekhar
  |agency=
  |work=Reuters
  |date=March 10, 2023
  }}</ref> The next week, as a result of the [[March 2023 United States bank failures]], Brent fell almost 12 percent to $72.97 a barrel, the most since December, and WTI fell 13 percent to $66.74, the most in a year.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-steadies-investors-take-stock-banking-crisis-2023-03-17/
  |title=Oil prices settle down, post big weekly losses on bank fears
  |author=Laura Sanicola
  |agency=
  |work=Reuters
  |date=March 17, 2023
  }}</ref> Declines continued until both indexes reached their lowest point since 2021. The first quarter ended with the second week of gains, with lower supplies in some areas and U.S. inflation decreasing. Brent finished with the more actively traded futures at $79.89 down 5 percent for the month and WTI was up 9 percent for the week, but down 2 percent for the month, to $75.67.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-rises-china-factory-activity-expansion-lifts-demand-hopes-2023-03-31/
  |title=Oil settles 1% higher on tightening supplies, cooling US inflation
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=March 31, 2023
  }}</ref>

[[OPEC]] and others planned to decrease production, which caused prices to jump 6 percent April 3, but on April 5 there was little change with Brent finishing at $84.69 and WTI at $80.61 in spite of falling U.S. inventories, as U.S. job openings reached the lowest level in almost two years.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-edges-up-opec-cuts-us-inventories-brighten-outlook-2023-04-05/
  |title=Oil steadies as economic fears counter OPEC+ cuts, US stock draw
  |author=Laura Sanicola
  |agency=
  |work=Reuters
  |date=April 5, 2023
  }}</ref> The week ending April 14 marked the fourth week of increases with Brent finishing up 1.5 percent for the week at $86.36 and WTI up 2.5 percent to $82.52. Factors included, unexpected production cuts by OPEC and others along with an [[International Energy Agency]] forecast of higher demand, as well as less concern about U.S. banks and a lower U.S. rig count.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-inches-up-tightening-supply-iea-demand-outlook-come-2023-04-14/
  |title=Oil rises, logs weekly gains after IEA predicts record demand
  |author=Laura Sanicola
  |agency=
  |work=Reuters
  |date=April 14, 2023
  }}</ref> Despite good economic news from Europe, Brent finished down 5 percent at $81.80 and WTI fell 6 percent to $78.55, with interest rate fears and higher U.S. unemployment claims as major factors. At the end of the fourth straight down month and the second week of declines, Brent finished at $80.33, while WTI finished up for the month for the first time in six months at $76.78. Recession fears and concern over banks outweighed the lowest U.S. crude production since November and the highest demand for fuel since December.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-extend-losses-fears-recession-slower-oil-demand-2023-04-21/
  |title=Oil set for weekly loss as economic uncertainty weighs
  |author=Rowena Edwards
  |agency=
  |work=Reuters
  |date=April 21, 2023
  }}</ref><ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-set-second-weekly-drop-recession-fears-rates-cloud-outlook-2023-04-28/
  |title=Crude prices up over 2% on rising U.S. oil demand and lower output
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=April 28, 2023
  }}</ref>

The first week of May was the third down week, which had not happened since November, due to concerns about U.S. banks and another interest rate increase. Brent finished at $75.30 and WTI, after reaching levels not seen since 2021, rebounded to $71.34.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-heads-third-straight-weekly-loss-economic-worries-persist-2023-05-05/
  |title=Oil prices jump but post third straight weekly fall on economic woes
  |author=Arathy Somasekhar
  |agency=
  |work=Reuters
  |date=May 5, 2023
  }}</ref> Oil fell again the next week, with Brent finishing at $74.17 and WTI at $70.04, with a strong dollar and [[2023 United States debt-ceiling crisis|concerns about the U.S. debt ceiling]] as major factors, plus fears of a recession and its effect on demand.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-recover-short-covering-us-debt-ceiling-fears-weigh-2023-05-12/
  |title=Oil prices fall on stronger dollar, demand fears
  |author= Laura Sanicola
  |agency=
  |work=Reuters
  |date=May 12, 2023
  }}</ref> The next two weeks, oil went up, with Brent finishing May 26 at $76.95 and WTI at $72.67, with the possibility of a solution to the U.S. debt crisis cancelling out concern that OPEC and others would not continue production cuts. Slow growth in Europe and the possibility of the [[European Central Bank]] raising interest rates limited gains.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-steady-markets-await-clarity-opecs-next-policy-move-2023-05-26/
  |title=Oil prices rise as US closes in on debt deal
  |author=Arathy Somasekhar
  |agency=
  |work=Reuters
  |date=May 26, 2023
  }}</ref>

On June 1, with the U.S. debt ceiling deal passed by the House, WTI went up the most in one day in nearly a month to finish at $70.10, and Brent rose to $74.65 after its biggest gain in two weeks. This cancelled out the effect of rising U.S. inventories.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-falls-after-large-surprise-build-us-crude-stocks-2023-06-01/
  |title=Oil rises 3% on US debt ceiling progress, traders on alert for OPEC+ meeting
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=June 1, 2023
  }}</ref> The first full week of June ended with the second week of lower prices, with Brent finishing at $74.79 and WTI at $70.17. Increases caused by plans by Saudi Arabia, OPEC and other nations to decrease output were cancelled out by several factors. The announcement of a likely nuclear deal with Iran, which was not confirmed, but if it happened would increase supply. U.S. stocks rose, and negative economic news from China added to losses.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-fall-demand-fears-headed-second-weekly-loss-2023-06-09/
  |title=Oil posts second weekly decline as demand concerns overshadow Saudi cut
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=June 9, 2023
  }}</ref> The next week prices went up due to high demand in China and cuts by OPEC and others, cancelling out concerns over the world economy and interest rate increases in England and Europe. Brent finished at $76.61 and WTI at $71.78.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-dip-pausing-after-previous-sessions-surge-2023-06-16/
  |title=Oil gains for the week as supply cuts balance demand concerns
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=June 16, 2023
  }}</ref> On June 22 oil fell 4 percent due to a large [[Bank of England]] rate hike after oil went up with high crop prices suggesting lower [[biofuel]] demand leading to higher oil demand. Brent finished the day at $74.14 and WTI was $69.51.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-steady-after-surprise-dip-us-crude-stocks-offsets-demand-fears-2023-06-22/
  |title=Oil plunges 4% as interest rate hikes outweigh lower US oil supplies
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=June 22, 2023
  }}</ref> Because of negative economic news worldwide and the prospect of lower demand, oil finished down for the fourth straight quarter, with Brent ending second quarter 2023 at $74.90, down 6 percent, and WTI at $70.64, down 6.5 percent. Higher demand, lower inflation and less chance of interest rates increasing in the U.S., along with production cuts planned by OPEC and others, helped oil finish slightly higher.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-heads-first-monthly-gain-this-year-supply-tightens-2023-06-30/
  |title=Oil settles higher but posts fourth straight quarterly decline
  |author=Laura Sanicola
  |agency=
  |work=Reuters
  |date=June 30, 2023
  }}</ref>

For the first week of July, oil rose 5 percent, with Brent finishing at $78.47, highest since May 1, and WTI at $73.86, highest since May 24. Saudi Arabia and Russia announced cuts, the U.S. dollar fell, and the U.S. jobs report was not as positive as expected. These factors outweighed continued concerns over interest rates.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-steady-rate-hike-fears-offset-signs-tightening-supply-2023-07-07/
  |title=Oil prices up 3% to 9-week high on supply concerns
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=July 7, 2023
  }}</ref> The next week, with supply problems in Libya and Nigeria, oil rose for the third week in a row even though a stronger dollar caused  a decline on July 14. Brent finished at $79.87 and WTI at $75.42.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-up-tighter-supply-lower-us-inflation-2023-07-14/
  |title=Oil prices fall on profit-taking, still record weekly gain
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=July 14, 2023
  }}</ref> WTI increased 2 percent for the week the next week for its fourth gain, ending at $77.07, the highest since April 25, while Brent finished at $81.07. Reasons included lower supplies and the chance of more problems in the [[Russo-Ukrainian War]].<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-steady-weak-chinese-economic-data-offsets-gains-lower-oil-stocks-2023-07-21/
  |title=Oil rallies for fourth straight week on tightening supply
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=July 21, 2023
  }}</ref> With the expectation that the U.S. [[Federal Reserve]] and the [[European Central Bank]] were nearly finished raising interest rates, and supply cuts from OPEC and others, oil rose for the fifth week, up almost 5 percent, and close to 13 percent for the month. Brent finished at $84.99 and WTI at $80.58. Good economic news from the U.S. also contributed.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-open-lower-demand-concerns-remain-track-weekly-gain-2023-07-28/
  |title=Oil posts fifth week of gains on signals of tighter supply
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=July 28, 2023
  }}</ref> Brent finished July at $85.43 and WTI at $81.80, both the highest since April for the third day, and the biggest increase for a month since January 2022, with expectations of lower supply and higher demand.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-track-biggest-monthly-gains-over-year-2023-07-31/
  |title=Oil prices hit multi-month highs on tightening supply
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=July 31, 2023
  }}</ref>

After six weeks of gains, WTI was up 20 percent to $82.82 on August 4, and Brent finished at $86.24, up 17 percent. Saudi Arabia agreed to continue production cuts, while Russia was reducing exports, while demand was expected to increase.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-set-sixth-weekly-gain-producers-pledge-output-cuts-2023-08-04/
  |title=Oil rises for 6th straight week as global supplies tighten
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=August 4, 2023
  }}</ref> The seventh up week marked the longest streak since 2022. Brent finished at $86.81 and WTI at $83.19, with the [[International Energy Agency]] reporting record demand for June and OPEC forecasting higher demand for the rest of the year along with the production cuts.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-tick-higher-opec-demand-optimism-2023-08-11/
  |title=Oil up on record demand forecast, 7th straight weekly gain
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=August 11, 2023
  }}</ref> After two weeks of declines, continuation of production cuts by Saudi Arabia and lower exports by Russia led to oil reaching its highest level in over six months. Brent finished on September 1 up 4.8 percent for the week, the most since July, at $88.49. WTI finished the week up 7.2 percent, the most since March, at $85.02.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-set-snap-two-week-losing-streak-tightening-supplies-2023-09-01/
  |title=Oil rises to highest in over seven months on supply worries
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=September 1, 2023
  }}</ref>

Oil finished the first full week of September at a nine-month high. Brent ended September 8 at $90.65, highest since November, with WTI at $87.51.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-ease-demand-concerns-still-headed-weekly-gain-2023-09-08/
  |title=Oil prices rise to 9-month high on worries about tight supply
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=September 8, 2023
  }}</ref> WTI reached $95.03, highest since August 2022, and Brent peaked at $97.69, highest since August 2022, due to low supplies, before falling due to [[profit taking]] on September 28.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-rises-us-crude-draws-tight-global-supply-2023-09-28/
  |title=Oil eases 1%, reversing rally, on profit taking, interest rate worries
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=September 28, 2023
  }}</ref> Gas peaked at $3.88 on September 18.<ref name=TheStreet/>

During the first full week of October, both WTI and Brent fell by the largest percentage for a two-day period since May, with the decline on the first of those days the most in more than a year. WTI ended October 5 at $82.31 and Brent at $84.07. Continuation of production cuts failed to overcome investor perception that a time of high demand was ending. U.S. gasoline demand was down and finished motor gasoline supplied was at its lowest point of 2023.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-tick-up-after-opec-panel-maintains-output-cuts-2023-10-05/
  |title=Oil prices extend rapid slide on demand worries
  |author=Arathy Somasekhar
  |agency=
  |work=Reuters
  |date=October 6, 2023
  }}</ref> Another concern was high interest rates, and positive U.S. economic news raised the possibility of another U.S. interest rate increase. The week ended with the largest decline since March, with Brent down 11 percent and WTI down more than 8 percent.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-track-sharpest-weekly-decline-since-march-2023-10-06/
  |title=Oil prices rise, but post biggest weekly decline since March
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=October 5, 2023
  }}</ref> The next week Brent was up 7.5 percent, the most for a week since February, finishing at $90.89, while WTI ended at $87.69. Both gained the most for a day since April on October 13, with both climbing nearly 6 percent after fears the [[2023 Israel–Hamas war]] could worsen and sanctions on some tankers carrying oil from Russia.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-climbs-us-sanctions-stockpile-forecasts-raise-supply-concerns-2023-10-13/
  |title=Oil surges nearly 6% after Israel begins ground raids into Gaza
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=October 13, 2023
  }}</ref> Oil climbed again the next week but fell after [[Hamas]] released hostages. Brent finished at $92.89 and WTI at $88.75.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-climbs-mideast-contagion-fears-israel-gaza-conflict-2023-10-20/
  |title=Oil drops after Hamas releases US hostages
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=October 20, 2023
  }}</ref> Brent fell 2 percent and WTI 4 percent the next week, with the premium for Brent the highest since March. After rising nearly 3 percent on October 27 due to U.S. attacks on Syria, Brent finished at $90.48 and WTI at $85.54.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-set-first-weekly-drop-three-mideast-situation-holds-2023-10-27/
  |title=Oil prices up 3% on worries about Middle East supplies
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=October 27, 2023
  }}</ref> The first full week of November was the third down week, the first time this happened since May, with Brent finishing at $81.43 and WTI at $77.17. Lower demand was expected due to negative economic news from China, the UK and the US.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-set-third-weekly-decline-middle-east-conflict-concerns-ebb-2023-11-10/
  |title=Oil prices settle up as Iraq backs more output cuts from OPEC+
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=November 10, 2023
  }}</ref> The day after oil fell nearly 5 percent to a four-month low, the fourth down week finished with Brent at $80.61 and WTI at $75.89 as a result of continued bad news from China, high U.S. inventories and record production, with sanctions on Russian oil shipments causing prices to increase.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-dip-us-crude-build-asia-demand-worries-2023-11-16/
  |title=Oil prices slump to 4-month low on U.S., Chinese economic concerns
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=November 16, 2023
  }}</ref><ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-track-fourth-straight-week-decline-2023-11-17/
  |title=Oil jumps 4% after week-long selloff, but falls for a fourth week
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=November 17, 2023
  }}</ref>

OPEC and others agreed to production cuts on November 30 but traders doubted these would actually happen. Negative economic news in the U.S. and worldwide contributed to another down week.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-fall-extend-slide-after-opec-cuts-underwhelm-2023-12-01/
  |title=Oil prices fall more than 2% as investors skeptical of OPEC+ cuts
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=December 1, 2023
  }}</ref> The first full week of December was the seventh week of declines, the longest streak since 2018, with Brent finishing at $75.18 and WTI at $71.23. Both dropped nearly 4 percent for the week and reaching their lowest point since June on December 7, the sixth straight decline. Traders believed supply was too high and Chinese imports fell due to high inventories and negative economic news.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-head-weekly-decline-signs-weakened-asian-demand-2023-12-08/
  |title=Oil gains over 2% but records seventh weekly decline
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=December 8, 2023
  }}</ref> Despite a fall in prices due to negative economic news leading to expectations of lower demand, oil rose the next week for the first time in two months, with Brent finishing at $76.55 and WTI at $71.43. Also contributing to lower prices was a prediction of lower interest rates.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-track-first-weekly-rise-two-months-2023-12-15/
  |title=Oil prices take a small loss in seesaw session
  |author=Erwin Seba
  |agency=
  |work=Reuters
  |date=December 15, 2023
  }}</ref> Good U.S. economic news and [[Houthi involvement in the 2023 Israel–Hamas war|Houthi attacks on ships]] helped oil increase for a second week, with Brent finishing at $79.07 and WTI at $73.56.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-set-weekly-gain-red-sea-tension-persists-2023-12-22/
  |title=Oil eases ahead of Christmas break on possible future Angola output increase
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=December 22, 2023
  }}</ref> After a 2 percent rise on December 26 due to that attacks and anticipation of U.S. interest rate cuts,<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-little-changed-investors-eye-middle-east-tensions-us-rate-cut-2023-12-26/
  |title=Oil jumps over 2% amid Red Sea vessel attacks, rate cut hopes
  |author=Arathy Somasekhar and Georgina Mccartney
  |agency=
  |work=Reuters
  |date=December 26, 2023
  }}</ref> oil fell 2 percent on December 27 and 3 percent December 28  with Red Sea shipping resuming. Brent finished at $77.15 and WTI finished at $71.77. Further drops resulted from U.S. gulf refiners clearing inventories to avoid storage taxes.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-rise-amid-fears-over-escalating-tensions-middle-east-2023-12-28/
  |title=Oil prices settle down 3% as Red Sea shipping disruptions ease
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=December 28, 2023
  }}</ref> Gas ended the year at $3.11, the lowest for the end of the year since 2020.<ref name=TheStreet>{{cite news|url=https://www.thestreet.com/retail/gasoline-hits-lowest-year-end-price-since-2020
  |title=Gasoline hits lowest year-end price since 2020
  |author=Charley Blaine
  |agency=
  |work=[[TheStreet]]
  |date=December 31, 2023
  }}</ref>

==2024==
Oil rose for the first week of 2024 due to the Israel-Hamas War threatening to become a larger conflict, and positive U.S. economic news. Brent finished at $78.76 and WTI at $73.81.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/us-crude-futures-rise-2-middle-east-tensions-2024-01-05/
  |title=Oil prices settle higher on Middle East tensions
  |author=Erwin Seba
  |agency=
  |work=Reuters
  |date=January 5, 2024}}</ref> Continuing Houthi attacks disrupted oil trading and increased costs, driving up oil prices. Brent finished January at $80.55 and WTI at $75.85.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-edges-up-us-fed-rate-signals-china-property-sector-support-2024-02-01/
  |title=Oil prices drop 2% on unsubstantiated ceasefire reports, refinery shutdown
  |author=Stephanie Kelly
  |agency=
  |work=Reuters
  |date=February 1, 2024}}</ref>

For the first full week of February, oil jumped 6 percent after a 7 percent fall the previous week, due to concerns about oil supplies from the Middle East and less chance of a cease-fire in the Israel-Hamas war. Brent finished at $82.19 and WTI at $76.84.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-headed-weekly-gains-israel-rejects-ceasefire-offer-2024-02-09/
  |title=Oil settles up, notches weekly gain on tight supply, Middle East conflict
  |author=Laura Sanicola
  |agency=
  |work=Reuters
  |date=February 9, 2024}}</ref> WTI began March up 4.5 percent for the week to $79.97 with Brent up 2.4 percent to $83.55, with the expectations of continued production cuts by OPEC and others a major reason. Actions by Houthis also contributed.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-rise-gaza-deaths-complicate-ceasefire-talks-2024-03-01/
  |title=Oil climbs 2%, notches weekly gains ahead of OPEC+ decision
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=March 1, 2024}}</ref> Two weeks later oil ended the week up more than 3 percent as Brent went over $85 for the first time since November, finishing at $85.33, with WTI at $81.09. Higher demand with lower U.S. stockpiles and Ukrainian attacks on Russian refineries accompanied an increase in U.S. oil rigs and a stronger dollar.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-dips-profit-taking-after-price-crosses-85-2024-03-15/
  |title=Oil prices dip, but set for weekly gain of over 3%
  |author=Erwin Seba
  |agency=
  |work=Reuters
  |date=March 15, 2024}}</ref> In the final week of March, Brent was up 2.4 percent to $87.48, the highest since October, and WTI rose 3.2 percent to $83.17. Fourth quarter 2023 U.S. economic growth was more than expected, and inflation data made lower interest rates less likely until late in the year. Higher U.S. oil and gasoline inventories were still less than expected and the rig count was down.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-advance-investors-reassess-us-inventories-data-2024-03-28/
  |title=Oil rises more than $1 a barrel on tighter supply outlook
  |author=Laila Kearney
  |agency=
  |work=Reuters
  |date=March 28, 2024}}</ref> Late in April, positive U.S. economic news and concerns about the Middle East war helped oil to rise, with Brent finishing April 25 at $89.01 and WTI at $83.57. U.S. growth had been shown to be slowing, gasoline stockpiles fell less than expected, and U.S crude inventories fell.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-eases-us-demand-concerns-outweigh-fears-over-middle-east-conflicts-2024-04-25/
  |title=Oil eases as US demand concerns outweigh Middle East fears
  |author=Arathy Somasekhar
  |agency=
  |work=Reuters
  |date=April 25, 2024}}</ref>

On May 17, oil finished up for the week for the first time in three weeks, with Brent at $83.98, up 1 percent, and WTI at $80.06, up 2 percent. Lower inventories and positive economic news from the U.S. and China made higher demand appear more likely.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-set-weekly-gain-signs-improving-demand-2024-05-17/
  |title=Oil settles up on hopes of firmer demand
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=May 17, 2024}}</ref> Continuation of [[Federal Reserve|U.S. Federal Reserve]] policy helped prices fall the next week, though they rose to end the week due to positive U.S. economic news, with Brent finishing at $82.12 and WTI at $77.72.<ref>{{cite news|url=https://www.reuters.com/world/china/global-markets-corrected-wrapup-1-2024-05-24/
  |title=Wall Street ends higher, crude prices rise ahead of US holiday weekend
  |author=Stephen Culp
  |agency=
  |work=Reuters
  |date=May 24, 2024}}</ref> During the final week of May, oil fell for two days in a row, with low demand and high stockpiles in the United States. Brent finished May 30 at $81.86 and WTI at $77.91.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-down-demand-woes-markets-await-us-crude-stockpiles-data-2024-05-30/
  |title=Oil falls as US reports surprise fuel build, weak demand
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=May 30, 2024}}</ref> The first week of June was the third down week for oil, with Brent finishing down 2.5 percent for the week of June 7 at $79.62 and WTI down 1.9 percent to $75.53. Positive U.S. economic news suggested a delay in reducing U.S. interest rates, while the [[European Central Bank]] did lower rates for the first time since 2019. Chinese imports were lower even though exports were up. OPEC and others met and indicated willingness to stop production increases.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-climb-opec-reassures-markets-ecb-cuts-interest-rate-2024-06-07/
  |title=Oil dips on deflated US interest rate cut expectations, OPEC+ decision
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=June 7, 2024}}</ref> The next week oil jumped 4 percent with Brent finishing at $82.62 and WTI at $78.54, with high demand forecasts a big reason, despite lower confidence in the U.S. economy by consumers.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-track-weekly-gain-solid-demand-outlook-2024-06-14/
  |title=Oil dips, but posts weekly gain on solid 2024 demand outlook
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=June 14, 2024}}</ref> On June 20, Brent reached $85.89, highest since May 1 after U.S. crude inventories fell and a U.S. jobs report made cutting interest rates more likely.<ref>{{cite news|url=https://www.reuters.com/business/energy/brent-rises-middle-east-war-while-wti-dips-ahead-inventories-report-2024-06-20/
  |title=Oil prices rise on US crude draw; jobs data feeds rate cut hopes
  |author=Erwin Seba
  |agency=
  |work=Reuters
  |date=June 20, 2024}}</ref> Oil finished June up 6 percent, with WTI finishing at $81.54.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-edge-higher-supply-risks-mount-2024-06-28/
  |title=Oil eases on weak US fuel demand, profit taking
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=June 28, 2024}}</ref> The next week, Brent reached $87.55, the highest since April, and WTI closed at $83.88, highest in 11 weeks. U.S. crude stocks were down, the dollar was weak and high U.S. demand was forecast.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-slip-after-data-points-cooling-us-economy-2024-07-04/
  |title=Brent crude trades above $87, sets highest levels since April
  |author=Nia Williams
  |agency=
  |work=Reuters
  |date=July 4, 2024}}</ref> The next week Brent was down nearly 2 percent to $85.03 after going up for four weeks. WTI fell more than 1 percent to $82.21. While demand for gasoline was high, a negative economic report from the U.S. did not change expectations for lower interest rates in the future.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-rises-cooling-us-inflation-strong-summer-demand-2024-07-12/
  |title=Oil prices settle down after data shows weaker US consumer sentiment
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=July 12, 2024}}</ref>

On July 19 oil closed at the lowest level since mid-June after Brent fell nearly 3 percent to $82.63, and WTI fell more than 3 percent to $80.13 with a stronger dollar and a likely ceasefire in the Israel–Hamas war.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-falls-1-barrel-with-gaza-ceasefire-sight-easing-supply-fears-2024-07-19/
  |title=Oil settles at one-month low on Gaza ceasefire hopes
  |author=Georgina Mccartney
  |agency=
  |work=Reuters
  |date=July 19, 2024}}</ref> Positive U.S. and Chinese economic news helped oil rise in the first full week of August, with Brent gaining 3.5 percent to finish August 9 at $79.66 and WTI up more than 4 percent to $76.84. U.S. jobless claims fell, U.S. interest rates appeared likely to decrease, and Chinese inflation was higher than expected. Increased likelihood of Iranian attacks on Israel, and continued attacks by Houthis, also contributed.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-set-3-weekly-gain-rising-mideast-tensions-better-us-outlook-2024-08-09/
  |title=Oil posts 3% weekly gains on positive economic data, rate cut hopes
  |author=Arathy Somasekhar
  |agency=
  |work=Reuters
  |date=August 9, 2024}}</ref> Bad economic news from China led to a nearly 2 percent drop in oil prices August 16, though there was little change for the week after prices rose earlier due to fears of a worsening situation in the Middle East.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-set-weekly-gains-renewed-enthusiasm-around-us-economy-2024-08-16/
  |title=Oil falls 2% to end volatile week, focus on China demand concerns
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=August 16, 2024}}</ref> During the next week, Brent and WTI fell to their lowest levels since January after a pessimistic forecast for U.S. job growth. On August 23 both jumped over 2 percent, Brent closing at $79.02 and WTI at $74.83. The U.S. Federal Reserve chair indicated rates were going down.
<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-set-end-week-lower-demand-concerns-easing-supply-woes-2024-08-23/
  |title=Oil climbs over 2% after Fed's Powell indicates US rate cuts
  |author=Erwin Seba
  |agency=
  |work=Reuters
  |date=August 23, 2024}}</ref> Closing of [[Libya]] oil fields caused oil to jump to the highest point in two weeks on August 26. However, oil fell later in the week and Brent ended the month at $78.80, down 2.4 percent, and WTI finished August down 3.6 percent to $73.55. OPEC and others planned to increase production in October, and good U.S. economic news also contributed.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-steady-players-take-stock-middle-east-supply-concerns-2024-08-30/
  |title=Oil settles $1 down as supply set to rise, uncertainty around Fed rate cuts
  |author=Georgina Mccartney
  |agency=
  |work=Reuters
  |date=August 30, 2024}}</ref>

The first week of September ended with Brent down 10 percent for the week to $71.06, its lowest since December 2021, and WTI down 8 percent to $67.67, lowest since June 2023. Negative U.S. jobs news cancelled out a promise by OPEC and others to postpone production increases, and lower U.S. stockpiles.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-steadies-us-crude-stock-drawdown-opec-output-hikes-delay-2024-09-06/
  |title=Oil settles down 2%, big weekly drop after US jobs data
  |author= Nicole Jao
  |agency=
  |work=Reuters
  |date=September 6, 2024}}</ref> Gas was $3.25 on September 11.<ref>{{cite news|url=https://www.reuters.com/business/energy/us-gasoline-prices-set-fall-under-3gallon-election-nears-2024-09-12/
  |title=US gasoline prices set to fall under $3/gallon as election nears
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=September 12, 2024}}</ref> However, on the same day, despite an increase in crude inventories, oil jumped due to the chance [[Hurricane Francine]] would interrupt production. Brent finished at $70.61 and WTI at $67.31.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-rebound-fears-supply-disruption-tropical-storm-2024-09-11/
  |title=US crude oil climbs more than $2 on fears of Hurricane Francine
  |author=Erwin Seba
  |agency=
  |work=Reuters
  |date=September 11, 2024}}</ref>

After the U.S. Federal Reserve reduced interest rates September 18, Brent fell to $73.65 and WTI fell to $70.91, but lower U.S. inventories and the possibility of Mideast violence kept the decline from being greater.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-steady-with-investors-focusing-fed-decision-2024-09-18/
  |title=Oil prices fall as Fed rate cut stirs economic worries, storage report mixed
  |author=Laila Kearney
  |agency=
  |work=Reuters
  |date=September 18, 2024}}</ref> After sources said OPEC and other nations would increase production and China's central bank also reduced interest rates, Brent fell 3 percent to $71.89 for the final week of September and WTI fell 5 percent to $68.18.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-fall-expectations-higher-supplies-hammer-market-sentiment-2024-09-27/
  |title=Oil settles higher but falls on the week on firmer supply outlook
  |author=Georgina Mccartney
  |agency=
  |work=Reuters
  |date=September 27, 2024}}</ref> 

The next week due to concerns about [[Israel–Hezbollah conflict (2023–present)|possible war in the Middle East]], Brent rose 8 percent, the most in a week since January 2023, to $78.05. WTI finished up 9 percent, the most since March 2023, at $74.03.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-edges-up-middle-east-conflict-supply-outlook-limits-gains-2024-10-04/
  |title=Oil settles up, biggest weekly gains in over a year on Middle East war risk
  |author=Shariq Khan
  |agency=
  |work=Reuters
  |date=October 4, 2024}}</ref> On October 8, oil fell more than 4 percent with expectations of a cease-fire between Israel and [[Hezbollah]]. Brent fell from above $390, the highest since August, to $77.18, and WTI finished at $73.57.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-edges-lower-after-rallying-highest-over-month-middle-east-war-risk-2024-10-08/
  |title=Crude prices slide over 4% on possible Hezbollah-Israel ceasefire
  |author=Erwin Seba
  |agency=
  |work=Reuters
  |date=October 8, 2024}}</ref> The next week, slower economic growth in China and Middle East uncertainty contributed to the biggest decline for a week since September 2. Brent fell over 7 percent to $73.06 while WTI dropped 8 percent to $69.22.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-edges-up-track-biggest-weekly-loss-over-month-2024-10-18/
  |title=Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook
  |author=Georgina Mccartney
  |agency=
  |work=Reuters
  |date=October 18, 2024}}</ref> Oil went up about 4 percent in the fourth week of October with Brent finishing at $76.05 and WTI at $71.78. Prices were moving back and forth due to uncertainty in the Middle East, and the [[2024 United States presidential election|U.S. election]] and other elections.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-heads-weekly-gain-middle-east-tensions-keep-traders-edge-2024-10-25/
  |title=Oil settles up, weekly gain 4% as investors weigh Middle East risk and US election
  |author=Georgina Mccartney
  |agency=
  |work=Reuters
  |date=October 25, 2024}}</ref> After oil fell more than 6 percent October 28 due to less fear of more trouble in the Middle East, WTI finished October at $70.76 and Brent ended the month at $74.26. Oil jumped the last day of the month due to new fears of actions by Iran and possible delays in increased output.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-rise-optimism-over-solid-us-fuel-demand-2024-10-31/
  |title=Oil gains more than $2 after settlement on reports Iran preparing Israel attack
  |author=Georgina Mccartney
  |agency=
  |work=Reuters
  |date=October 31, 2024}}</ref>

Lower Chinese demand and the chance of fewer U.S. interest rate cuts contributed to oil falling 2 percent on November 15. With demand worldwide down, Brent finished the week down 4 percent to $71.04 with WTI down 5 percent to $67.02.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-dips-oversupply-concerns-heads-weekly-loss-2024-11-15/
  |title=Oil settles down 2% on weaker Chinese demand, uncertainty over Fed rate cut
  |author=Georgina Mccartney
  |agency=
  |work=Reuters
  |date=November 15, 2024}}</ref> The [[Russo-Ukrainian War|Ukraine War]] contributed to oil rising 6 percent for the week, with Brent finishing at $75.17 and WTI at $71.24.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-rises-intensifying-ukraine-war-increases-supply-risk-2024-11-22/
  |title=Oil prices settle up 1% at 2-week high as Ukraine war intensifies
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=November 22, 2024}}</ref> After a [[2024 Israeli invasion of Lebanon#26 November|ceasefire in the Israel-Hezbollah conflict]], Brent finished the next week down 3 percent to $72.94 and WTI fell nearly 5 percent to $68.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-mixed-amid-accusations-breaches-israel-hezbollah-ceasefire-2024-11-29/
  |title=Oil settles down as ease of supply risks drives weekly loss
  |author=Nicole Jao
  |agency=
  |work=Reuters
  |date=November 29, 2024}}</ref> For the first week of December, Brent fell 2.5 percent to $71.12 and WTI was down just over 1 percent to $67.20. Although OPEC and others delayed production increases. worldwide demand decreased, especially in China, and U.S. production rose.<ref>{{cite news|url=https://www.reuters.com/business/energy/oil-prices-dip-extended-opec-supply-cuts-highlight-weak-demand-2024-12-06/
  |title=Oil prices fall on supply glut fears despite OPEC+ output cut extension
  |author=Laila Kearney
  |agency=
  |work=Reuters
  |date=December 6, 2024}}</ref> The next week, Brent rose 5 percent to $74.49 and WTI was up 6 percent to $71.29, the highest since November 7. Expected sanctions against Russia and Iran, Middle East troubles and an expected U.S. interest rate cut were major reasons.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-edges-lower-2025-supply-surplus-forecast-set-notch-weekly-gain-2024-12-13/
  |title=Oil up 2%, settles at 3-week high as more sanctions loom on Russia, Iran
  |author=Scott Disavino
  |agency=
  |work=Reuters
  |date=December 13, 2024}}</ref> Oil fell 2.5 percent in the third week of December with Brent finishing at $72.94 and WTI at $69.46 as U.S. inflation responded well to rate cuts which the Federal Reserve predicted would come less often, and Chinese demand was expected to increase.<ref>{{cite news|url=https://www.reuters.com/markets/commodities/oil-prices-fall-demand-concerns-strong-dollar-2024-12-20/
  |title=Oil steady as markets weigh Fed rate cut expectations, Chinese demand
  |author= Arathy Somasekhar
  |agency=
  |work=Reuters
  |date=December 20, 2024}}</ref>

At Christmas, gas was $3.04, four cents less than a year earlier, and one of the lowest prices since the [[COVID-19 pandemic]].<ref>{{cite news|url=https://www.newsweek.com/gas-hasnt-been-this-cheap-holidays-since-covid-2005208
  |title=Gas Hasn't Been This Cheap at the Holidays Since COVID
  |author=Jesus Mesa
  |agency=
  |work=[[Newsweek]]
  |date=December 23, 2024}}</ref>

==See also==
*[[2011–2013 world oil market chronology]]
*[[2014–2016 world oil market chronology]]
*[[2017–2019 world oil market chronology]]
*[[2020–2022 world oil market chronology]]
*[[2021–2023 global energy crisis]]

== References ==
{{Reflist}}

== External links ==
* [http://www.eia.doe.gov/emeu/cabs/MEC_Past/index.html U.S. DOE EIA energy chronology and analysis]
* [https://web.archive.org/web/20080102043155/http://www.wtrg.com/prices.htm Oil Price History and Analysis]

{{DEFAULTSORT:2023-2025 world oil market chronology}}
[[Category:Oil market timelines]]
[[Category:2000s energy crisis]]