Crude posted its best week since October. Brent Oil rose $1.89 to $86.39. Deutsche Bank Strategists expect black gold to end the year around the $80 level.
Signs of oversupply for the first half of the year, before demand picks up in the second half of 2023
“We see the Brent in $75/barrel for the first seed before balance sheets improve in the second semester at $80/barrel“.
“We see the recession slow down demand growth, but how China’s exit from the covid-zero policy came sooner than expected, there is less room for a ‘slingshot’ rebound in the second quarter. For the second half of the year, global demand should increase to 1 million barrels per day above the level of the second half of 2019.”
“We see excess supply that will maintain bearish pressure through the first half, creating tensions with OPEC’s political bias, before demand picks up in the second half of 2023.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
