Crude oil faced a challenging trajectory in 2023, lagging behind various financial assets, and is on track to end the year in the red. Despite robust demand sustained by the global economy’s resilience in the face of inflation and high interest rates, oil struggled to maintain its momentum. OPEC Cuts Ineffective: The West Texas Intermediate (WTI) grade, known for its lower sulfur content, began the year with a modest 3.7% gain, only to grapple with a turbulent journey throughout. Crude oil’s trajectory was uneven through the COVID-19 years, pulling back by 21% in 2020 followed by a strong 51% …