. Oil jumped a great deal in value this year amid the rising inflation and the start of the Ukraine-Russia war. On March 8, 2022, the same day gold reached its all-time price high, a barrel of Brent traded for $126 a barrel. Following the 2022 high, oil slipped to $96 per barrel eight days later on March 16. It then crept back up again throughout April and May, and by June 8, a barrel of Brent was around $122 per unit.
Since that day, a barrel of crude Brent oil dropped 31% against the U.S. dollar, dropping to the $85 barrel range on Dec. 27, 2022. Despite the drop, numerous investors and Wall Street types believe oil will be the best investment next year. The hedge fund manager and founder of Praetorian Capital, Harris Kupperman, is one market strategist that thinks oil will “crush” all other investments in 2023.
“My strongest held view is that 2023 is the year of oil crushing all other CUSIPs,” the Praetorian Capital founder wrote. “Once again, I think it’s important to repeat that if you haven’t stress-tested your portfolio for oil prices north of $200, you’re going to suffer dearly when that should come to pass.”
Kupperman is not the only investor expecting bullish oil prices next year. The investment publication The Motley Foolthat Jeff Currie, the Goldman Sachs global head of commodities, believes Brent will reach $110 next year. In a note to clients, Morgan Stanley shared the same view about oil prices rising in 2023.
$50. Mark it.
I expect BTC over $100k and what?
More conflated BTC bullsheeeet. Gaining speed alternative energy will keep OIL prices low. OPEC can't afford to push people off oil. Keep prices low stays defunds replacement technologies. Why do you think coal is so cheep? Terrible crap they gotta keep viable.
It's a negative rise dude!
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well, thanks to zelensky
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