Oil prices will creep up from current levels as major producer group OPEC+ maintains restrictions on supplies, but economic headwinds will keep them below $90 a barrel this year, a Reuters poll showed on Wednesday.A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in
Oil prices will creep up from current levels as major producer group OPEC+ maintains restrictions on supplies, but economic headwinds will keep them below $90 a barrel this year, a Reuters poll showed on Wednesday.
Most analysts expect oil to trade around the $80-level per barrel this year, with data and analytics firm Kpler noting that"macroeconomic concerns are a major driver of crude prices this year, overshadowing relatively tight fundamentals."West Texas Intermediate U.S. crude is expected to average $79.20 a barrel in 2023, down from the previous month's $82.23 consensus.
But possible further production cuts from OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, at its June 4 meeting in Vienna, could provide a floor for prices, some analysts said.
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