Oil Prices Going Up: Investor Forecasts Oil To Outperform All Investments By 2023 – Bitcoin News


A number of market strategists and analysts are convinced that in 2023, oil will be the top investment, despite the world’s stagnant economy. Currently, the cost of a barrel of oil stands between $80.12 to $85 per unit. However, Goldman Sachs Analysts predict that oil will reach $110 per barrel. Meanwhile, Morgan Stanley Analysts believe it could reach $110 per barrel by the middle of 2023.

Oil prices are expected to increase significantly in 2023, according to experts. Some forecast that a barrel should cost $100 in the coming year, while others think it could be even higher at $200 or more.

Data from Wall Street shows that oil is more popular than stocks, cryptocurrencies and precious metals. Inflation, combined with the beginning of the war between the US and Russia, caused oil prices to soar. On March 8, 2022, the same day that gold reached its all-time peak, Brent Crude traded at $126 per barrel. Eight days later, after the peak was reached, oil dropped to $96 per barrel. Then, it started to rise again in April and by June 8, the average cost of a barrel of Brent Crude was $122.

Since that day, the cost of a barrel of Brent Crude has decreased by 31% against the US Dollar, reaching $85 per barrel on December 27, 2022. Despite this, some investors are worried about the dip. Wall Street Oil is believed to be the lifeblood of many sectors. According to Praetorian Capital’s Founding founder Harris Kupperman, oil will be your best investment in 2023. The market strategist believes that oil will outperform all other investments by a wide margin, with the potential to reach $200 per barrel.

“My strongest opinion is that 2023 is the year that oil will beat out all other CUSIPs,” said Kupperman. “It is important to remember that if you haven’t tested your portfolio for oil prices above $200, you’re likely to suffer greatly when that happens.”

Kupperman isn’t the only one to anticipate rising oil prices in the near future. Global commodities director at Goldman Sachs, Jeff Currie, believes that the price of Brent Crude will increase to $110 in the coming year. A note sent to clients by Morgan Stanley showed that the investment firm also shares this view on the price of oil for 2023. “We remain bullish on oil prices driven by demand recovery (reopening of China, recovery of aviation) amid limited supply due to low investment levels, risks for Russia. supply, the end of SPR emissions and [the] US shale slowdown,” said Morgan Stanley’s commodities analysts.

On December 23, Jay Hatfield, chief executive of Infrastructure Capital Advisors, spoke in detail on the subject. His group predicts that the price range of oil will be between $80 to $100 per barrel “as the war in Ukraine continues.” Additionally, Hatfield believes that Chinese oil demand is likely to pick up as the nation continues its zero-Covid lockdown policy. A report published by Enverus Intelligence Research (EIR) cautions that oil prices of $100 per barrel will be back in 2023, thanks to sanctions and a decrease in production from Russian Oil, the Organization Of Exporting Countries (OPEC) and US administration.

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