Global markets were greeted on Tuesday (October 31, 2023) by the news that the World Bank has forecast crude oil prices to rise to $150 per barrel or higher if tensions in the Middle East rachet up further. More so, as the war in Ukraine is already impacting both the energy as well as the wider commodities market.
The warning from the World Bank comes even though global crude oil benchmarks are struggling to cap even $90. At 10:45am EDT, Brent was trading at $86.97 per barrel up 62 cents or 0.72%, while the WTI was up 69 cents or 0.84% to $83.00 per barrel.
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