China demand seen picking up in second half of 2023 analysts
OPEC and Saudi to stick to keeping price floor at 80bbl

June 30 Reuters Oil prices will struggle for traction this year as global economic headwinds stymie gains that could be fuelled by a rebound in China and OPEC cuts, a Reuters poll showed on Friday.

The survey of 37 economists and analysts forecast Brent crude would average 83.03 a barrel in 2023, versus the 84.73 consensus in May.

The global benchmark, now trading around 75 a barrel after having shed about 13 thus far in 2023, was seen averaging 83.28 in the third quarter before popping above the 86 mark in the next two quarters.

Forecasts for U.S. crude were also scaled back to 78.38 a barrel in 2023 from last month39;s 79.20.

The third quarter will be a makeorbreak quarter ahead as lofty demand growth expectations from OPEC and IEA need to come to fruition to avoid additional downward pressure on prices, said Ole Hansen, Saxo Bank39;s head of commodity strategy.

Goldman Sachs said this week that rising interest rates would remain a persistent drag on oil.

But while the rising rates and weaker economic readings from China have weighed on oil markets, some analysts saw prices getting a small fillip from stimulus measures and OPEC supply curtailments led by Saudi Arabia.

Earlier this month, the International Energy Agency IEA said the OPEC output deal sharply increases prospects of higher prices, while Saudi Aramco predicted demand from China and…