Tensions in the Middle East and ongoing conflicts between Russia and Ukraine have elevated crude oil prices. Notwithstanding the fragile global economic climate, crude oil prices experienced a dip in the first quarter of the year, as the OPEC+ group of producers continued to restrict supply.
Near the start of April 2024, the ICE Brent crude oil price has reached its peak in almost five months, inching towards US$90 per barrel. This is a significant improvement from the first quarter of 2024 when it stood at US$81.7 per barrel. Nevertheless, the market remains apprehensive about the fragile global economic outlook.
The International Monetary Fund (IMF) predicts a global economic growth rate (GDP) of +3.1% for 2024, mirroring the growth rate of 2023. However, major economies such as the United States and China are experiencing a slowdown. The US…
