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Deutsche Bank Sees Brent at $88/bbl By End 2024

OIL

Brent prices are expected to reach $88/bbl by the end of this year, supported by a nearly balanced market in 1H 2024 and the expected seasonal demand uptick in 2H 2024, Deutsche Bank said in a note.

  • “We look for continued OPEC+ discipline in a nearly balanced market for H1, and seasonal strength in H2,” the note said.
  • “The first possibility of relaxation of OPEC+ supply cuts will be in Q3 against a backdrop of tighter balances and higher prices, underpinned by seasonal strength,” it said.
  • The bank forecasts Brent at $83/bbl in the first half of this year.

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