The World Bank says oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies. The organization's Commodity Markets Outlook finds that the effects on oil prices should be limited if the conflict doesn’t widen.
FILE - The World Bank building in Washington, Monday, April 5, 2021. The World Bank says oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas were to escalate. The organization’s Commodity Markets Outlook finds that the effects on oil prices should be limited if the conflict doesn’t widen. FILE - A BP oil refinery is seen in Gelsenkirchen, Germany, Tuesday, Oct. 24, 2023.
Effects should be limited if the conflict doesn’t widen in a “small disruption” scenario — as oil prices are expected to decline to an average of $81 a barrel next year, the World Bank estimates. Indermit Gill, the World Bank’s chief economist, said Russia’s invasion of Ukraine has already had disruptive effects on the global economy “that persist to this day.”
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