IMF's gloomy forecast for the world economy reverses the upward trend in crude oil prices crude oil prices.
After the sharp rise in crude oil prices in early October, following OPEC+'s decision to cut production by 2 mb/d, the trend reversed last week with the release of the IMF's World Economic Outlook and the IEA's monthly report on the oil market. In one week, prices lost almost $5/b. At the close of trading last Friday, Brent crude oil on the London futures market was trading at $91.6/b and WTI fell back below $90/b to $85.6/b. On a weekly average basis, Brent gained $0.6/b (+0.6%) to $93.8/b and WTI +$0.7/b (+0.8%) to $88.5/b. The consensus of economists surveyed by Bloomberg as of 14 October is stable with a median Brent price in 2023 at $94.6/b.
Online crude oil price: Brent and WTI market
IMF paints a bleak picture of the global economy
In its latest report (World Economic Outlook) published last week, the IMF paints a bleak picture of the global economy, warning that "we are entering a new danger zone". of the world economy, warning that "we are entering a new danger zone". Record inflation (+8.8% in 2022), tighter financial conditions (rising interest rates and the dollar), the war in Ukraine and the persistence of the Ukraine and the persistence of the Covid-19 pandemic are the main factors that explain the slowdown in global growth to 3.2% in 2022. growth to 3.2% in 2022 and 2.7% in 2023, As a reminder, last April, the IMF's growth outlook was 3.2% in 2022 and 2.7% in 2023, 3.6% in 2022 and 2023.
View our full Crude Oil Market Report - Week of 11/10/2022 - due out this 17/10/2022.