Global oil prices have experienced significant fluctuations during 2023. In recent months, Brent and WTI (West Texas Intermediate) crude oil prices have shown complex patterns, influenced by various external and internal factors. This oil price trend can be seen from several important aspects, including demand, supply and geopolitics. Demand for petroleum continues to increase in line with post-pandemic economic recovery. Large countries, such as China and the United States, are the main contributors to increasing energy needs. Projections from the International Energy Agency (IEA) show that global demand is expected to reach 102 million barrels per day by the end of the year, higher than the previous year. This development strengthens optimism among manufacturers. On the other hand, oil supply also plays an important role in determining prices. OPEC+ has made production cuts to keep prices stable. However, geopolitical tensions in various regions, including conflicts in the Middle East and sanctions against Russia, continue to impact global supplies. International sanctions against Russia due to its invasion of Ukraine have disrupted oil distribution, creating fears of a deeper energy crisis. Market technical analysis also shows that oil prices in the short term may experience variations. Resistance levels around $90 per barrel for Brent and $85 for WTI could act as barriers to further gains. However, if demand remains strong, prices could break through this level. Investors need to monitor weekly reports on oil reserves, which are often an early indicator of price movements. In addition, the influence of the energy shift towards renewable sources and climate policy is increasingly felt. The global community is increasingly supporting the use of renewable energy, which can change demand patterns in the long term. However, this transition will not eliminate dependence on oil in the near future, because many sectors still depend on fossil energy. Projections for oil prices by the end of 2023 suggest possible consolidation around $80-$90 per barrel. If geopolitical tensions ease and OPEC+ sticks to its production cut policy, prices may stabilize. Conversely, if supply risks increase, prices could surge higher, attracting investors’ attention. Investment in the energy sector is on the rise, with many companies turning to exploring alternative energy sources. However, the short-term need for oil still exists, especially in areas experiencing rapid economic growth. Therefore, market players must remain alert to the dynamics that can influence global oil prices. Overall, oil price trends and projections in 2023 are highly dependent on the interaction of various factors. Readers who are interested in learning more about this issue are advised to follow the latest news developments and market analysis to gain a deeper understanding.