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ECB Forecasts Oil Price At $82.6/bbl For 2023

OIL

ECB forecasts Brent crude prices to average $82.6/bbl this year, more bearish than recent bank forecasts according to Bloomberg.

  • ECB forecasts oil prices to average $77.8/bbl in 2024 and $73.9/bbl in 2025.
  • Prior to this week’s decline in oil prices, Barclay’s earlier this month revised its oil price forecast for this year down by $6/bbl to $92/bbl.
  • In late February, BofA also lowered its forecasts for Brent Crude for this year to $88/bbl, from $100/bbl previously.

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