Economists at UBS favor the energy sector. They still expect a rebound after the recent fall in prices, which has taken Brent from $105 a barrel in late August to $94 at present.

Oil prices to remain supported even if rebound is slower

“We have reduced our December Brent oil forecast by $15 to $110 per barrel due to prospects of slower recovery in Chinese oil demand. The revised forecast is still higher than the current Brent spot price of $94 per barrel.” 

“We maintain our projection for Brent to climb to $125 per barrel by March 2023 and to remain elevated around there till September 2023.”