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You’re reviewing free articles with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More As crude oil corrected by around 18% in mid-March, TSX energy stocks followed and recorded some of the fastest declines. However, the major oil cartel fused new life in energy markets over the weekend and brought a respite for investors. OPEC+ (Organization of Petroleum Exporting Countries plus Russia) announced a surprise output cut of 1.2 million barrels of oil per day for 2023. What’s next for TSX energy stocks? Crude oil prices move based on demand and supply. As the demand is expected to continue to increase while supply is being squeezed with new cuts, the equation supports higher oil prices. As a result, oil prices soared more than 5% on Monday. Given the output cut, Goldman Sachs raised its price target for crude oil from US$90 to US$95 a barrel for the end of the year. Oil prices have come down significantly from around US$130 a barrel in mid-2022 to around US$70 this month. As the US Strategic Petroleum […]
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