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05-12-2022, 10:03 AM
https://markets.businessinsider.com/news...022-12?amp
Oil prices may hit $110 a barrel in 2023 but Russia risk could 'turbocharge' them even higher, BofA says
Brent crude oil could climb as high as $110 per barrel in 2023, though there are several risks that could add more more pressure on prices, according to a note from Bank of America.
Prices for the international oil benchmark averaged around $101 per barrel this year, and BofA sees more of the same next year, predicting an average of $100 and a peak of $110 at the height of the driving season. Brent will generally be lower in the first quarter of 2023, compared to the rest of the year, analysts added.
Brent currently trades around $86 per barrel, meaning the high end of BofA's forecast represents an increase of 28%.
But BofA analysts also noted several upside risk factors for oil prices next year, namely a price cap on Russian crude.
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Oil prices may hit $110 a barrel in 2023 but Russia risk could 'turbocharge' them even higher, BofA says
Brent crude oil could climb as high as $110 per barrel in 2023, though there are several risks that could add more more pressure on prices, according to a note from Bank of America.
Prices for the international oil benchmark averaged around $101 per barrel this year, and BofA sees more of the same next year, predicting an average of $100 and a peak of $110 at the height of the driving season. Brent will generally be lower in the first quarter of 2023, compared to the rest of the year, analysts added.
Brent currently trades around $86 per barrel, meaning the high end of BofA's forecast represents an increase of 28%.
But BofA analysts also noted several upside risk factors for oil prices next year, namely a price cap on Russian crude.
.
.
