In a dire global economy, many markets Analysts believe oil will be the biggest investment in 2023. While crude oil prices are trading well between $80.12 and $85 per barrel, analysts at Goldman Sachs believe Brent oil prices will reach $110 per barrel. Morgan Stanley strategists also believe oil prices will hit $110 a barrel by mid-2023. The founder of Praetorian Capital recently warned that a barrel of oil could rise significantly next year.
Market strategists expect oil prices to rise significantly in 2023, with some warning that oil prices are expected to hit $100 a barrel next year, while others Some say a barrel of crude oil could exceed $200
Reportedly Wall Street beats oil compared to stocks,cryptocurrenciesand precious metals is bullish. Oil has risen significantly this year amid rising inflation and the start of war between Ukraine and Russia. A barrel of Brent traded at $126 a barrel on March 8, 2022, the same day the gold price hit an all-time high. Following the 2022 high, oil prices fell eight days later to $96 a barrel on March 16.
A barrel of Brent crude has fallen 31% against the US dollar since that date, falling to the 85s on December 27, 2022. Many investors and Wall Street officials believe oil will be the best investment next year. Harris Kuppman, his hedge fund manager and founder of Praetorian His Capital, is one of his market strategists who believes oil will ‘crush’ all other investments in his 2023 is. Oil will outperform all other investments, but Kupperman expects a barrel to top $200.
“My strongest view is that 2023 will be the year oil crushes all other CUSIPs,” wrote the founder of Praetorian Capital. “Again, I think it’s important to reiterate that if you’re not stress testing your portfolio for oil prices above $200, you’re going to be hit hard when that happens.” 27}
Kupperman isn’t the only investor betting on bullish oil prices next year. Investment publication The Motley Fool highlightedthat Jeff Currie, head of global commodities at Goldman Sachs, believes Brent will reach $110 next year. In a memo to clients, Morgan Stanley shared the same view on oil price hikes in 2023. supply, the end of the SPR release, and a slowdown in US shale,” notes Morgan Stanley commodity analysts.
Jay Hatfield , CEO of Infrastructure Capital Advisors, said on his Dec. 23 that his firm will start at $80 per barrel “while the war in Ukraine continues.” He said he expects $100. Hatfield also said he expects China’s oil demand to “recover from its zero-coronavirus lockdown policy.” A report published by Enverus Intelligence Research (EIR) warns that in 2023 he will see oil prices return to $100 a barrel. National (OPEC) supply management.
Image Credits: Shutterstock, Pixabay, Wiki Commons