Morgan Stanley see higher oil prices by mid 2023: China reopening, supply tightness | Forexlive

Morgan Stanley say the 2023 oil market will be uncertain but “largely positive”. In summary:

• prices will remain in a range in Q1 of 2023 due to macroeconomic headwinds boosting oversupply
• but by the middle of next year China reopening will lift demand
• combined with higher supply should see a market deficit
• forecast Brent to around $110/barrel by the middle of 2023