The Brent crude oil futures contract for March 2023 delivery edged higher, reaching $86 per barrel at the time of trading. This movement was reported by TASS with reference to data from ICE, highlighting a notable intraday shift in price dynamics.
At 19:30 Moscow time, Brent was recorded at $86 per barrel, up 1.78 percent for the session, marking its first touch above that level since December 5. The momentum later slowed slightly, with the price retreating to $85.97 per barrel as trading continued.
Meanwhile, West Texas Intermediate (WTI) futures contracts for February 2023 delivery gained about 1.75 percent, standing at $80.95 per barrel by the same benchmark. These movements reflect a broader pattern of volatility across the oil complex amid shifting supply and demand expectations.
Looking ahead, analysts expect that several factors that boosted oil prices in 2022 to some degree will continue to influence the market in 2023, though most forecasters do not anticipate the price per barrel climbing above $110. Sergey Kikevich, who directs the Savings Growth project and serves as an independent financial adviser, notes that supply has shifted toward China and India following a series of restrictions on Russian oil. He adds that even with some discounting in shipments to these large consumer markets, Russia will still need dependable trading partners to maintain robust flows.
Igor Yushkov, a leading analyst at the National Energy Security Fund, contends that Russia’s decision to reduce oil production could contribute to a tightening of global oil markets, potentially lifting benchmark prices if supply remains constrained. These viewpoints come as global producers navigate political dynamics, sanctions policies, and evolving demand in Asia and other regions.
Market observers emphasize that price trajectories will depend on how quickly supply adjustments are absorbed by consuming economies, including the effects of strategic reserves releases, currency movements, and the pace of industrial recovery in major consumers. In this context, analysts stress the importance of monitoring production signals from OPEC+ and the broader non-OPEC landscape, alongside geopolitics that influence risk premiums in energy markets.
Overall, the near-term outlook suggests continued volatility, underpinned by a mix of supply-rebalancing actions and shifting demand patterns across the global economy. Investors are advised to weigh the potential for episodic price spikes against the likelihood of sustained range-bound trading as markets digest evolving supply commitments and macroeconomic indicators. (Source notes: TASS via ICE data; ongoing market coverage from energy research teams.)