Brent to remain steady in near term, reflects demand destruction: Emkay

In 2023, the journey of WTI Crude Oil prices resembled a roller coaster, characterized by a decline in the initial five months, a subsequent rise for the next four months, and a final decline in Q4. Following a peak at $130.5 per barrel in March 2022, oil prices plummeted by over 40%, influenced by robust Russian flows, a slowdown in Western countries, and a lackluster economic recovery in China. Brokerage house Emkay Wealth Management, the advisory arm of Emkay Global Financial Services, expects Brent crude to trade in a range-bound pattern in the near term with a likelihood of some decline. Currently, it is trading at around $80 per barrel and has been hovering in a narrow-range for the last month.