A potential US recession and tough comparisons to a stellar 2022 are weighing on the prospects of energy stocks delivering an encore to last year’s stunning run, despite valuations that are seen as still comparatively cheap.
Economists and analysts in a Reuters survey forecast US crude would average US$84.84 per barrel in 2023, compared to an average price of $94.33 last year, citing expectations of global economic weakness.
Energy bulls argue the sector’s valuations bolster the case for a third-straight year of gains, which would be the first such feat for the group since 2013.
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