Bank of America slashes its oil-price outlook 9% for 2023 as debt ceiling crisis increases risk of recession

• Bank of America on Tuesday cut its Brent oil projection by 9% to $80 a barrel for 2023. 
• "Monetary forces are dragging down Brent crude prices," the commodities research team said. 
• The fight in Washington over raising the $31 trillion debt ceiling risks adding to economic stresses.

Steeper borrowing rates and dampened demand tossed with Washington wrangling over the US debt ceiling are in the mix of economic stresses that prompted Bank of America on Tuesday to cut its 2023 Brent crude oil forecast. 

The new projection of $80 a barrel marks a 9% cut from the investment bank's previous forecast of $88 a barrel, though it represents 5% upside from current prices.