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BofA: 2022/23 Brent Oil to Average US$102/bbl, Oil Price Still Aloft US$75/bbl Assuming Recession
Inflationary pressure from food, energy and services, coupled with swift interest rate hikes, implied oil demand would struggle to fully resume the pre-pandemic levels until 2023, ...
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BofA: 2022/23 Brent Oil to Average US$102/bbl, Oil Price Still Aloft US$75/bbl Assuming Recession
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Inflationary pressure from food, energy and services, coupled with swift interest rate hikes, implied oil demand would struggle to fully resume the pre-pandemic levels until 2023, opined Bank of America. The bank did not expect a recession and still estimated Brent crude to hit US$102/barrel on average in 2022 and 2023, after averaging US$104/barrel YTD.

A recession would lead to a fuel consumption pullback, and oil prices may crater more than 30% from the current levels. However, central banks' monetary policy easing could support oil prices. Assuming a recession in 2023, Bank of America saw Brent crude averaging more than US$75/barrel. Oil prices may slip to US$150/barrel if western nations push Russian oil output below 9 million barrels per day.
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