Brent Oil to climb back to $100 in the second half of 2023 – Commerzbank

The price of a barrel of Brent Oil has recovered from the setback at the beginning of the year. Economists at Commerzbank expect to see prices of $100 in the second half of the year.

Oil market will gradually tighten again

“In the short term, the market is still likely to be oversupplied. But the market will tighten. This is because the rise in demand over the course of the year coincides with an almost stagnant supply.”

“The market, which is initially still oversupplied, will probably shift back into deficit from the middle of the year. In view of this and very low inventories, the price of a barrel of Brent is likely to climb back to $100 in the second half of 2023.”