Crude oil prices have been increasing, driven by a drop in U.S. crude inventory and hopes of a slower interest rate hike. Goldman Sachs expects Brent crude oil prices to hit $110 a barrel next year.
Moreover, with increasing internal pressure in China to relax Covid restrictions and the expected reopening of the economy, oil and gas prices could climb even higher on rising demand. The rally may be further helped by the seasonal increase in holiday travel as consumers choose to give their inflation worries a much-needed break.
