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Morgan Stanley Lowers Crude Price Outlooks

OIL

Morgan Stanley cut its Brent oil forecasts for the second half of the year and 2024 to reflect Russian supply changes.

  • The bank forecasts oversupply in 1Q, a balanced market in 2Q and then a deficit over the second half of the year – but smaller than prior expectations.
  • 4Q and 2024 forecasts lowered to $95 a barrel from $110; 3Q cut to $95 from $100.
  • It expects crude to remain rangebound over the remainder of this quarter.

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