The World Bank (WB) has updated its forecast for the price of oil in 2023 and 2024, APA-Economics reports citing WB's report on commodity prices.
According to WB, the price of Brent crude oil in U.S. dollars is expected to average $84 a barrel this year—down 16% from the 2022 average, and in 2024, it will be $86. This is 8% less and 6% more than the World Bank's October forecast, respectively.
Note that the World Bank predicted the price of oil for 2022 at $99.