Oil prices have fallen in recent months as concerns about the prospects of a global recession and COVID-19 flare-ups in China threaten demand growth. According to a survey by Reuters, 30 economists forecast that Brent crude would average $89.37 a barrel in 2023, about 4.6% lower than the $93.65 consensus in a November survey.
However, growing fears of an economic slowdown might be a potential buying opportunity for investors looking to ride on oil stocks that could be poised to soar higher. In addition, UBS analysts expect oil demand to grow significantly in the second half of 2023, driven by China’s reopening.
