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BofA Raise 2024 Brent Forecast from $80/bbl to $86/bbl

OIL

Bank of America has raised the Brent 2024 forecast to $86/bbl from $80/bbl in early January according to Bloomberg. The WTI crude forecast has been increased to $81/bbl.

  • The market has been revived by “low oil stocks, OPEC+ output cuts, geopolitical tensions, and robust economic growth.”
  • A global oil market deficit of about 450kb/d is expected in 2Q and 3Q.

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