Its prices will remain stable until the end of the year oil, with a slight drop in 2023, according to a CNBC report. Nevertheless, a minority of these analysts expect crude prices to rise before the end of 2022.
Oil prices rose above $120/barrel after its outbreak war in Ukrainebut since then they have recorded a drop below the $100/barrel.
It is noted that its price Brent it ranges today at approx $93 /barrelwhile its values WTI at $87/barrel recording a significant drop of 2.91% and 2.76% respectively.
Analysts pointed out that although the price of crude oil will remain relatively stable until the end of the year, the potential creation recession it has not yet been factored into investors’ estimates. It should be noted that during a recession, oil prices usually decrease.
Her appreciation JPMorgan and the analyst Natasha Kaneva is that oil will fluctuate close to $101/barrel until the end of the year, while it will decrease to $98/barrel in 2023: “While we do not believe the market has priced in the possibility of a recession, the risk is increasing.” Kaneva emphasized that during periods of recession, oil prices register a decrease in their order 30%-40%.
The analyst underlined that “several European countries have partially changed their narrative about the sanctions against Russian oil amid fears of another price rally. The embargo plan against Russian hydrocarbon may be delayed and may not play as big a role as we currently appreciate.”
The estimates of its analyst fluctuate similarly First Abu Dhabi Bank, Glenn Wepenerwho emphasizes that “Brent will fluctuate close to $108/barrel this year, while it will be reduced to $97/barrel in 2023″.
According to Daniel Yergin her S&P Global “oil prices will remain flat or slightly increased until the end of the year.” The analyst emphasized that these prices will be more affected by geopolitical developments than by the balance of supply and demand.
His opinion is the opposite Yaw Yan Chong her Refinitiv Oil Research who expects bullish investment trends to outweigh bearish ones, driving up prices especially during the winter and due to the possibility of lower production of Saudi Arabia.
It should be noted that the Middle Eastern country emphasized last week that the OPEC he is ready to reduce the supply of oil whenever he decides to do so.
“I believe that the coming winter will play an important role in oil prices. Europe is already struggling with a shortage of oil reserves, a phenomenon that will worsen if there is a total embargo on the import of Russian “black gold”. In the short term, at least until the end of winter, I believe oil prices will rise,” Chong said.
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