- December 20, 2022
- Posted by: Stratford Team
- Category: Economy
Table of Contents
Japan financial stocks rise after Bank of Japan announcement
S&P sees oil prices rising up to $121 on full China reopening
Oil prices could also reach as high as $121 on a full China reopening, S&P forecasted, adding that prices are poised to settle at $90 per barrel for 2023.
Prices of oil will likely see “one big boost” from a full China reopening to $121 per barrel, almost touching the highs in March following Russia’s invasion of Ukraine, said S&P’s Vice Chairman Dan Yergin.
He added that the rise in prices will be fueled by strains caused by an underinvestment currently observed in oil and gas, Yergin added.
“Our base case for 2023 is $90 for Brent but you have to look at other cases,” he said, adding that the outlook for oil is primarily clouded by three uncertainties — more hikes from the Fed, China’s demand, and Russia’s reaction to the price cap on its oil agreed by the European Union.
—Lee Ying Shan
