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Free AccessBrent Forecast Lowered to $80-$90/bbl Range in 2024: UBS
Brent is expected to hold in the $80-$90/bbl range this year with a forecast for the end of March lowered to $84/bbl, and June and September to $86/bbl, from the previous estimate of $95/bbl according to UBS.
- An increase in OPEC+ spare production capacity following output cutbacks has added to the price revision.
- Oil demand growth will remain above long-term trends but slow to 1.4mb/d.
- “We expect the supply management of OPEC+ to help prices recover,” said the note by Giovanni Staunovo. “Ensuring that not too much supply is added nor for inventories to rise again will be a tough balancing act”
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.