Will oil prices go up or down in 2022?

Will oil prices go up or down in 2022?

Ratings agency Fitch raised its Brent and WTI price assumptions for 2022 by $5 to $105 and $100 a barrel, respectively. The market awaited weekly reports from the American Petroleum Institute on Tuesday and the U.S. Energy Information Administration on Wednesday for U.S. crude and fuel inventory data.

Do oil prices go up in summer?

This volatility has shaken up the crude oil markets and continues to push prices higher. But fuel prices typically increase every summer, and some of the reasons are fairly logical.

How much was oil a barrel in 2022?

With oil now hovering at around $100 per barrel, some strategists predict more pain ahead later this year: Citi analysts say prices will fall to around $60 by the end of 2022 if the economy does fall into a recession.

Is oil cheaper in the summer?

When demand is low, the price of heating oil drops, making the summer the best time to get oil for a reduced cost. Specifically, oil is generally cheapest between April and September. During the summer months, most people don’t need to heat their homes.

Are oil prices falling?

Eventually, prices settled at around $90 a barrel and remained there for four years. Citi’s analysts see oil prices falling to $65 a barrel and say they could fall to $45 a barrel by the end of 2023 if oil-exporting countries don’t intervene to reduce supply.

What is the current price of West Texas Intermediate?

WTI Crude Oil Spot Price is at a current level of 111.44, up from 109.07 the previous market day and up from 74.21 one year ago. This is a change of 2.17% from the previous market day and 50.17% from one year ago.

What is the best month to buy heating oil?

This is because the cost of oil fluctuates throughout the year as the demand for oil increases or decreases. When demand is low, the price of heating oil drops, making the summer the best time to get oil for a reduced cost. Specifically, oil is generally cheapest between April and September.