Technical Analysis

Reuters Poll – Oil poised for limited gains as economic risks loom

Oil prices will find support from OPEC+ output cuts and sanctions on Russia for the rest of the year and into the early part of 2023, a Reuters poll showed on Monday, but a recession could limit further gains.

A survey of 42 economists and analysts forecast benchmark Brent crude would average $101.10 a barrel this year, and $95.74 in 2023, up from estimates of $100.45 and $93.70 respectively in September.

U.S. crude forecasts were raised slightly to $96.23 a barrel in 2022 and $90.39 next year, from the $95.73 and $88.70 consensus last month.

However, on a quarterly basis, the Brent forecasts indicated a gradual trend downward next year, with the second quarter consensus at $96.38 a barrel versus $98.01 in the first, and a further dip to $94.70 in the third quarter.

Full Reuters Report

Crude Oil

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