Upside risk to Oil prices rises as market tightens

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 72%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

Brent Crude bottomed out at $72/bbl in June and then rose more than 28% over the following three months to break above $90/bbl. Economists at ANZ Bank

With OPEC’s production cuts firmly in place for the remainder of the year, we see the market moving into a deficit of 2mb/d in Q4. This tightness is likely to continue into Q1 2024 as production constraints remain in place and will keep Oil prices on an upward trajectory in Q4. We maintain our end of year price target of $100/bbl.

As it stands, spare capacity is ample. OPEC’s supply agreements have done their job and stabilised the market. However, the eventual unwinding of these over the next 6-12 months will ease the current supply tightness. As such, we don’t see much upside over our short-term target in 2024.Information on these pages contains forward-looking statements that involve risks and uncertainties.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. crude oil stocks up 4M Bbls, first climb in 5 weeks; fuels surge tooU.S. crude oil stocks up 4M Bbls, first climb in 5 weeks; fuels surge too - EIA
Source: Investingcom - 🏆 450. / 53 Read more »