Oil price forecast for 2024 in the United States has been sharply reduced 01/09/2024, 16:57

Bank of America analysts lowered their oil price forecasts for the North Sea Brent brand to $80 per barrel from $90. New assessment in Bloomberg interview voiced Head of Global Commodities and Derivatives at BofA Global Research Francisco Blanche.

According to him, the reason for the decrease in the oil price forecast was the decrease in demand, which has become sustainable, and a noticeable increase in production from the United States, as well as supply from Iran. Another factor is the rapid strengthening of the Venezuelan market.

At the same time, the bank’s forecasts seem to be one of the most positive ones for oil. Morgan Stanley forecasts Brent at $77 per barrel, Citigroup at $75 and Goldman Sachs at $81 per barrel.

Brent oil prices fell below $76 per barrel on Monday morning. Oil fell after Saudi Arabia decided to reduce the prices of its Arab Light brand by $1.5-2 per barrel for all buyers. According to the data of the London ICE exchange at 16:52 Moscow time, the barrel of Brent is traded at $ 77.73.

Early fall in oil prices in the name Negative factor for the ruble exchange rate.

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Source: Gazeta

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