Under multiple uncertainties, where will international oil prices go in 2023? | Interface Prophet③

Reporter | Dai Jingjing

Under the influence of the black swan event of the Russia-Ukraine conflict, the international oil price will fluctuate violently in 2022, creating a roller coaster ride.

In March, Brent crude oil the main futures contract price soared to close to 140 US dollars / barrel, the highest since 2008, and has been operating in the high range of 90-120 US dollars / barrel for a long time. With the shadow of recession hanging over the global economy and the continued strengthening of the US dollar, international oil prices dropped to below US$80/barrel at the end of the year after giving up all the growth brought about by the Russia-Ukraine conflict.

Recently, due to the loosening of control over the epidemic in China and the superimposed cold wave in the United States affecting oil production, international oil prices have rebounded. As of the close in the early hours of December 28th, Beijing time, front-month Brent crude oil futures rose 0.49% to $84.33/barrel; WTI front-month crude oil futures fell 0.04% to $79.53/barrel.

From 2022 to the present, the main contract price range of Brent crude oil is 75.11-139.13 US dollars / barrel, and the price range of US WTI crude oil is 70.08-130.5 US dollars / barrel.

Whether it is the supply side or the demand side, there are still key disturbance factors in the current oil market, and it is difficult to accurately predict. In the face of multiple uncertainties, where will international oil prices go in 2023?

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