Oil prices traded down slightly today but were mostly flat. As the year comes to an end oil prices closed down 10% year over year, closing at the lowest year end levels since 2020. A Reuters survey of 34 economists and analysts forecast Brent crude will average $82.56 in 2024, down from November’s $84.43 consensus, as they expect weak global growth to cap demand. Ongoing geopolitical tensions could provide support to prices. “We are going to see continued volatility as we go into 2024 with the geopolitical events and the fear that the conflict could spread throughout the region,” said Andrew Lipow, president of Lipow Oil Associates. U.S. crude oil output fell slightly in October to 13.248 million barrels per day, after it set monthly records in August and September. WTI traded down $.12 or -.17% to close at $71.65. Brent traded down $.11 or -.14% to close at $77.04.