Oil markets are pricing in recession concerns but many analysts remain bullish.
While prices are expected to rebound by later this year, the outlook for next year is slightly more gloomy, with several firms predicting oil will fall below $100 per barrel in 2023.Analysts at Goldman Sachs, meanwhile, say that recent declines have been “overshot” since global supply remains tight.
”The recent price action—with both contracts trading in near 15-dollar ranges, “hints more at panic and forced liquidation than a structural change in the tight supply-demand situation globally,” according to Jeffrey Halley, senior market analyst at Oanda. Other experts agree: “It doesn’t seem like the oil supply situation is about to undergo any dramatic shifts imminently,” adds Vital Knowledge founder Adam Crisafulli.
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