In a deep-recession scenario, the price of Brent crude oil may sink into the low $60s/bbl by mid-2023, according to RBC Capital Markets, outlining a trio of outlooks while noting that forecasting is challenging at present.
-In the blue sky, risk-on scenario, Brent seen at $115-120/bbl in mid-2023, RBC says in note received on Oct. 12
-In the weak-macro but constructive-fundamental scenario, Brent seen at $90-95/bbl
-“Nailing an oil price is an exercise in futility,” RBC says, reviewing market drivers in 3Q that included “macro madness, policy paralysis, light liquidity and tumultuous trendlines”