Reported 7 days ago
Analysts have cut their 2024 oil price forecasts for the fifth consecutive month, now projecting Brent crude to average $81.52 per barrel and U.S. crude at $77.64, largely due to weakening demand and uncertainty over OPEC's production plans. The global oil demand growth is now revised down to between 0.9 to 1.2 million barrels per day, while geopolitical factors, including tensions in the Middle East, are no longer exerting upward pressure on prices despite the potential for renewed risk premiums.
Source: YAHOO