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HSBC Cuts 2H23 Crude Oil Forecast

OIL

HSBC forecasts Brent crude prices to hit $80/bbl in the second half of this year, revised down from $93.50/bbl previously, the bank said in a note.

  • “The market has been driven less by fundamentals and more by macroeconomic concerns,” the HSBC analysts said. “We think this will continue to be the case for part of the summer.”
  • It also cut its longer-term forecasts to $80/bbl in FY23 and $75/bbl in FY24.
  • RBC today released a note revising down its Brent crude forecast for 2H23 to average $80.75/bbl.

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