Brent has now more than fully reversed the sharp rise following Russia’s invasion of Ukraine. Nonetheless, economists at UBS expect Brent Crude Oil to move back higher toward $110 next year. 

Downward pressure on Oil from a weaker global economy should be offset by lower global supplies

“Pandemic curbs in China look likely to remain a near-term headwind for Crude, adding to worries over ebbing demand as the global economy slows. That said, we remain positive about the outlook, and expect Brent to trade around $110 a barrel through next year.” 

“Leaders of OPEC+ exporting nations meet on December 4 and will consider steps to address the recent fall in prices. The price of Oil should be supported by the European Union’s ban on Russian Crude imports, which comes into force on December 5. Meanwhile, the US and other OPEC governments are ending the sale of Oil from official stockpiles.”