Credit Suisse predicts oil at $63

Brent oil prices dropped in the second half of 2022 after peaking in June, thereby losing nearly all of its yearly gains. Analysts at Credit Suisse, however, believe the sell-off is likely to keep going. 

The bank's experts noted that Brent crude oil prices are still below their 55-day and 200-day moving averages, holding at 89.01 and 100.67, respectively. Taking into account the decrease in mid-term momentum, and market concerns over the slowdown in global GDP growth, analysts suggest a further decline in fuel costs. So, Brent is likely to slide towards the 61.8% retracement at 63.02, with a higher chance to enter a consolidation phase. 

Not everyone is so bearish about this sentiment, though. 

Eric Nuttall, senior portfolio manager at Ninepoint Partners LP, expects oil prices to return to $100 per barrel next year. This is due to China's reopening, along with the U.S., not having to release fuel from the SPR. Coupled with the sanctions imposed on Russian oil and gas, the above facts are going to drive fuel prices up. 

The Bank of America predicts that Brent will surpass $90 amid the Fed's move to ease monetary policy and renewed economic growth in China.