Bank of America predicts Brent crude oil prices will average $100/bbl in 2023 thanks to Chinese oil demand recovery on a post-COVID reopening. OPEC+ is likely to fully implement a 2 million bpd output cut in a bid to boost oil prices. The forecast comes at a time when oil prices have been steadily declining due to fears that a weakening global economy would curb fuel demand. Last week, crude oil futures surrendered all gains for the year, posting their largest weekly losses in more than eight months, as restarts for key pipelines eased supply concerns coupled with ongoing worries about a global recession and weaker crude demand from China. Front-month Nymex crude for January delivery finished the week -11.2% lower. . . .
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