Crude oil prices can rise up to $110 a barrel in 2023, say analysts

Brent crude oil prices have slipped nearly 15 per cent in the last few weeks, from a peak of around $98 a barrel to a little over $83 a barrel now despite OPEC+ cutting supply

Brent crude oil prices can rise up to $110 a barrel in 2023, up nearly 33 per cent from the current levels, said analysts at Morgan Stanley in a recent note. This is, however, lower than the peak level of nearly $127 a barrel hit earlier in 2022 as geopolitical concerns took center stage amid rising demand. 

“Looking ahead, Brent oil price growth will decelerate even more in the coming quarters; even as our global oil strategist expects a rise in oil prices back