Technical Analysis

Morgan Stanley see higher oil prices by mid 2023: China reopening, supply tightness

Morgan Stanley say the 2023 oil market will be uncertain but “largely positive”. In summary:

  • prices will remain in a range in Q1 of 2023 due to macroeconomic headwinds boosting oversupply
  • but by the middle of next year China reopening will lift demand
  • combined with higher supply should see a market deficit
  • forecast Brent to around $110/barrel by the middle of 2023

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