Analysts say 2024 will be a year of weaker oil prices, something that should bring some relief to weary consumers after two years of soaring energy costs. Gas prices are displayed at an Esso station in Oakville, Ont., Saturday, Feb.25, 2023. (Photo: Canadian Press)
Weaker oil prices should bring some relief to consumers in 2024: Analysts
Jan 8, 2024 | 2:09 PM
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CALGARY, AB – Analysts say 2024 will be a year of weaker oil prices, something that should bring some relief to weary consumers after two years of soaring energy costs.
Oil prices were volatile in 2023, and have already declined approximately 16 per cent since October due to a combination of factors including growing global supply and slowing demand.
A new report by Deloitte Canada is forecasting the U.S. benchmark West Texas Intermediate oil price to average US$72 for the year ahead.
That’s more than seven per cent below 2023’s average, and a whopping 29 per cent below 2022, when Russia’s invasion of Ukraine pushed oil prices to record-setting levels.
