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OIL: Oil Prices to Keep Falling on Easing Middle East Risks: Macquarie

OIL

Odds that oil prices will keep falling this quarter are rising as easing Middle East geopolitical risks reduce the chance of supply disruption, according to Macquarie Group.

  • “We believe the odds are greater that oil falls below $80 versus consistently rising above $90 given the slow but steady march towards a ceasefire and increasingly bearish fundamentals.”
  • Oil is expected to remain in the $80/bbl to $90/bbl range in the current quarter.
  • The rest of the year should see the market into firm bearish territory with OPEC+ returning spare capacity to market and with demand dampened by stubborn inflation.
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