Market Strategists Expect Oil Prices to Jump Considerably in 2023, Some Warn That $100-a-Barrel Oil Should Be Expected Next Year, Others Say a Barrel of Crude Could Surpass $200
Reports show that Wall Street is bullish about oil in comparison to equities, cryptocurrencies, and precious metals. Oil jumped a great deal in value this year amid the rising inflation and the start of the Ukraine-Russia war. On March 8, 2022, the same day gold reached its all-time price high, a barrel of Brent traded for $126 a barrel. Following the 2022 high, oil slipped to $96 per barrel eight days later on March 16. It then crept back up again throughout April and May, and by June 8, a barrel of Brent was around $122 per unit.