News Digest: Oil prices may rule below $90 through 2023
June 13, 2023
News Digest:
A new survey suggests that oil prices may go up following OPEC production cuts, but global economic headwinds would keep them below $90 for most of the year. This was based on a survey conducted by Retuers of economics and global analysts.
The survey said Brent crude would average around $84.73 a barrel in 2023, which is down from the $87.1 mark in April and the prevailing levels of around $74 a barrel. The report said most analysts expect oil to trade around $80 a year due to macroeconomic concerns.
Takeaway:
While the global benchmark averaged around $80.95 thus far in 2023, West Texas Intermediate (WTI) could hover around $79.2 a barrel for the year as compared to $82.23 a year ago. Though Saudi Arabia announced a production cut at the OPEC meet on June 4, inflow of Russian oil and higher US production kept the pressure on the commodity.