U.S. crude oil prices will average between $80 and $100 per barrel next year, investors attending a Barclays conference this month estimated, suggesting a stronger outlook than future prices suggest.
Oil futures for October traded at $85 a barrel on Monday, with the outlook for 2023 at about $79 a barrel . Prices had traded over $100 a barrel earlier this year on Russia's invasion of Ukraine and subsequent sanctions. Oil has cooled on concerns of an economic slowdown.
Separately, the Bank of America today boosted its 2023 U.S. oil price forecast by $4 to $94 a barrel, pointing to what it called a "modest but demonstrable production cut at the last OPEC+ meeting."The producing group in early September agreed to cut output by 100,000 barrels per day , or 0.1%, of total global demand, amid worries of oversupply and fears of a weakening global economy.
Supply chain disruptions and inflation continue to roil fossil fuel production. Slightly over half of survey respondents said they expect U.S. oil output to grow by 500,000 bpd to 700,000 bpd between the fourth quarter of this year and next.
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