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Analysts weigh up geopolitical factors that may influence oil prices in 2023 – Photo: Getty The easing of Covid restrictions in China as well as the recently imposed price cap on Russian crude should keep oil prices supported in 2023 – however, global growth concerns are weighing on the minds of investors, according to Daniela Hathorn, senior market analyst at Capital.com. Brent crude oil price chart “Looking ahead towards 2023, there are a few things to keep in mind. One, the US has confirmed it will start replenishing its Strategic Petroleum Reserves (SPR) at a price between $68 and $72, meaning there may be a further reason for support up ahead. “Two, despite the reaction to the Chinese reopening trade being muted so far, the risk of recession is likely already discounted in the price of crude meaning there could be room for optimism in the first quarter of 2023 if the economic data shows more resilience than expected,” she said. US crude oil ( WTI ) price chart As a result, she said the overall outlook for Q1 is for oil to continue its bearish trend but at a reduced capacity, similar to what we’ve seen in Q4 […]
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