Global Economic Concerns Cause Oil Prices to Plummet.

Despite falling crude oil inventories and rising implied gasoline demand, oil prices have been plunging due to concerns about weakening economic growth and a hawkish Federal Reserve. However, Goldman Sachs predicts that Brent and WTI crude oil will climb 23% and trade near $100 and $95 per barrel over the next 12 trading months, making energy and mining stocks good investments. The energy sector is currently the cheapest of all 11 U.S. market sectors, with a current PE ratio of 6.7. Moody's research report predicts that industry earnings will stabilize overall in 2023, and the current oil surplus is likely to morph into a deficit as the quarters roll on.