3 Bold Oil Market Predictions for 2023
This past year will likely go down as a turning point in the energy sector. After years of underperformance, energy stocks soared in 2022. While higher energy prices played a key role, an even more significant catalyst was energy security becoming a top priority for most countries following Russia's invasion of Ukraine. The fallout of that ongoing conflict will likely have a major impact on the sector this year.
No one knows exactly how 2023 will play out. However, I will try my luck by making a few bold predictions about what I believe we'll see in the oil patch in the coming year.
Last year, I boldly predicted that oil prices would remain high and could top $100 a barrel again. With supplies still tight coming out of the pandemic and demand recovering, the stage appeared set for a potential major spike in crude prices if there was a supply disruption. That's exactly what happened following Russia's invasion of Ukraine.
Source Fool.com
