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OIL: Crude Oil Structurally Bearish Amid Potential Surplus: Macquarie

OIL

A summer oil price rally remains possible, but declines in inventories may disappoint, according to Macquarie cited by Bloomberg.

  • Brent is forecast at $83/bbl in Q3, $74 in Q4 and $68.75/bbl in 2025 with the analysts “structurally bearish crude oil.”
  • A potential surplus this year and in 2025 creates the risk of a “large price correction.”
  • The OPEC+ decision to increase supply, weakening member compliance with quotas, and non OPEC supply growth, led by the US, are bearish drivers.

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