'Oil Prices could Surpass $200' per Barrel — Investor Expects Oil to 'Crush' Every Investment in 2023
Amid the dreary global economy, a number of market strategists and analysts believe oil will be the number one investment in 2023. While a barrel of oil is coasting along at prices between $80 and $85 per unit, Goldman Sachs analysts think oil will reach $110 per barrel for Brent oil, and strategists from Morgan Stanley also believe oil will reach $110 a barrel by mid-2023. The founder of Praetorian Capital recently warned a barrel of oil could jump a lot higher next year.
Reports show that Wall Street is bullish about oil in comparison to equities, cryptocurrencies, and precious metals. Oil jumped a great deal in value this year amid the rising inflation. In March 2022, the same month gold reached its all-time price high, a barrel of Brent traded for $126 a barrel.
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