BRENT TO RISE TO $90 IN THE SECOND HALF OF 2024 – COMMERZBANK
Three weeks before the end of the year, the price of Brent Oil is trading roughly 10% lower than at the beginning of the year. Strategists at Commerzbank analyze Oil’s outlook.
WTI expected at $75 by the end of Q1-2024
OPEC production cuts are likely to keep the Oil market in balance at the start of 2024 despite weaker demand, which should allay current oversupply concerns and argue for a price recovery to $80 by the end of the first quarter.
Rising demand during the year and the resulting supply deficit should allow the price of Brent to rise to $90 in the second half of 2024.
For WTI, we expect a price of $75 at the end of the first quarter and $85 in the second half of the year.
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