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Brent Could Enter a Bear Market in H2 2024: Macquarie

OIL

Brent at $90/bbl is unsustainable and will enter a bear market in the second half of the year according to Macquarie.

  • “We think it will be difficult to maintain Brent above $90 into 2H24 without actual supply disruption associated with geopolitical events.”
  • Constraints will ease with non- OPEC+ supply expanding into the summer.
  • OPEC+ spare capacity is also anticipated to enter the market.
  • Inflation in the US will stay resilient weakening demand.

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