Crude oil price poised to end year little changed from 2021

The global economy seems destined for a soft 2023

2022 saw prices spike to over $139 a barrel in early March 7 in the initial fall-out from the Russian invasion of Ukraine, before dropping to around $75 a barrel early in December as global recession fears stoked demand fears.

The folly and futility of forecasting commodity prices was rammed home this year, with Russia's invasion of Ukraine upending markets and rendering all prior expectations largely irrelevant.

Nonetheless, analysts are drawn like moths to a flame at this time of the year, churning out new forecasts in the all-too-often vain hope that their soothsaying will prove on the money this time around.