Oil to trade at $80 by mid-year, rising to $90 by end-2023 –Commerzbank Oil OPEC Banks
was cheaper than it was last 15 months ago. Strategists at Commerzbank have lowered their oil price forecast. However, they still expect the oil price to rise in the course of this year.“Even if the market turmoil subsides, the higher risk aversion sparked by it is likely to ease only gradually. Together with the fundamental data, which are unlikely to be as supportive, this suggests that the oil price will be lower in the months ahead than we have previously expected.
“We are sticking to our general view that the price of oil will rise. If the market stabilizes, the US government can be expected to buy oil to replenish its strategic reserves. In addition, the oil market is likely to be significantly undersupplied in the second half of the year due to a strong increase in demand, especially in China, and stagnating supply. We expect that the oil price will rise to $90 per barrel by the end of the year .
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