Outlook for USOIL– 2023 Outlook
The seasonal demand and supply, along with world events, affect the price of crude oil. From the global pandemic that has been going on for more than two years to the war that started in early 2022, two events that were never thought of, fluctuations have caused oil prices to fall from the oversold point to the overbought point.
In April 2020, the extreme low price was $6.64/barrel. In Q1 2022, the highest price was $125/barrel. The USOIL price has declined to the January 2022 level since then. Despite attempts to bounce back in the months of April–May, since July, the bears have ruled the market until the end of 2022.
A variety of impacts from these major events have led advanced economic countries to take various policies and actions that have had an impact on the world oil market. These have created both fear and hope for 2023. Fears of recession were raised by supply disruptions caused in part by high inflation, Russian economic sanctions and war. With less money in circulation, oil prices tend fall during recession ….