Commodity Talk: Crude oil could hit $105 in 2023, stoke inflation: Jateen Trivedi of LKP Securities
Investors and traders should consider a cautiously bullish stance on crude oil. The recent 30% increase from June's low of $71.60 to the current $93 suggests upward momentum, but it may be limited, potentially reaching levels around $106-110 in the next six months, offering a 10-15% upside, Jateen Trivedi, Vice President, Research Analyst at LKP Securities said. However, it's essential to be mindful of the higher risk of a decline toward $80-85, he cautions.
Considering the current trends in crude oil prices, where do you see Brent/WTI price targets in the near term and for the year 2023?
In the near term, Brent and WTI crude oil prices could rise by around 4-5%, reaching approximately $98 and $95 per barrel, respectively. For the full year 2023, they may touch levels of $105 and $100 per barrel, driven by factors like supply constraints and increasing global demand.
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While OPEC issued an update that the demand for oil will remain robust during the year amid likelihood of supply deficit. How wide will this gap be in your assessment?
OPEC's production cuts, coupled with Russia's cooperation, are expected to lead to a supply deficit of around 3.3 million barrels per day (mbpd) in the near term, according to forecasts by both OPEC and the IEA.
What will be the impact on India which is a major crude oil importer?
India, being a net importer of crude oil, is susceptible to fluctuations in oil prices. When there is a significant rise in oil prices, it often leads to an increase in
