According to the findings of a recently conducted Reuters poll, the barrel of West Texas Intermediate (WTI) is expected to average $84.84 in 2023, down from $87.80 in November's survey.

The barrel of Brent is seen averaging $$89.37 in 2023, compared to $93.65 in November's survey.

The uncertainty surrounding the global economic outlook and heightened concerns over the impact of the coronavirus situation in China on the energy demand are cited as reasons behind the downward revisions. 

Market reaction

Crude oil prices showed no immediate reaction to this headline and the WTI was last seen trading at $78.22, where it was down 0.65% on the day.