$100 Crude in 2023? Oil and Gas Prices Expected to Have Another Bullish Year

Oil pump jacks in California, on Oct. 5, 2022. The OPEC+ alliance agrees to cut oil production by up to 2 million barrels per day, delivering a blow to President Joe Biden, who had asked the cartel to boost production to quell soaring inflation. Robyn Beck/AFP via Getty Images

Crude oil prices have ended 2022 close to where they started the year, despite a broad array of factors that disrupted global energy markets over the last 12 months.

West Texas Intermediate (WTI) crude oil rose 4.5 percent, to about $79 per barrel on the New York Mercantile Exchange in 2022. Brent, the international benchmark for oil prices, climbed roughly 8 percent, to around $84 per barrel on London’s ICE Futures exchange.