Tag Archives: Oil Prices

Oversupply Could Mute Effects of Wider Middle-East Conflict on Oil Prices

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Global Commodity Prices Set to Fall Through 2026 Amid Historic Oil Glut

WASHINGTON, October 29, 2024—Global commodity prices are set to tumble to a five-year low in 2025 amid an oil glut that is so large that it is likely to limit the price effects even of a wider conflict in the Middle East, according to the World Bank’s latest Commodity Markets Outlook. Even so, overall commodity prices will remain 30% higher than they were in the five years before the COVID-19 pandemic.

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Commodity prices likely to rise further in 2018: World Bank

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CMO2017c_PR_table01Oil prices to average $56 a barrel in 2018, up from 2017 average of $53/bbl

WASHINGTON, October 26 – Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said on Thursday.

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