For the oil market, 2022 ends the year on almost the same footing as it began, despite all the events that were supposed to lead to a turnaround in this sector of crude production.

The price of a barrel of Brent oil, which traded above $120 in the summer, is now back in the $76-77 range. According to analysts with one of the world's largest investment banks, Bank of America, in the coming year 2023 commodity prices will be on edge, RBC reported referring to experts' forecast.

In addition to geopolitical tensions and sanctions games like the oil ceiling on raw materials from Russia, the global market will feel the effects of the problems accumulated since the pandemic coronavirus in 2020, analysts said the bank.

According to their forecast, the average cost of a barrel of oil in 2023 will be around $100. However, the market will fluctuate wildly from any, even insignificant, changes in the balance of power on the world stage.

Any of the parties, whether it's OPEC, the U.S., China or Russia, will feel constrained in their actions.

Additional uncertainty, according to BofA experts, will be associated with the looming recession in the world economy.