Oil sheds 10% in 2023 as supply, demand concerns weigh

A Reuters survey of 34 economists and analysts forecast Brent crude will average US$82.56 in 2024, down from November's US$84.43 consensus, as they expect weak global growth to cap demand.

NEW YORK: Crude futures lost over 10% in 2023 in a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world.

Brent crude on Friday, the last trading day of the year, settled at US$77.04 a barrel, down 11 cents or 0.14%. US West Texas Intermediate crude settled at US$71.65 a barrel, down 12 cents or 0.17%.