08 Nov, 23

Barclays Slashes $4 Off Brent Crude Oil Forecast For 2024

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Barclays has slashed $4 off its 2024 Brent crude forecast, pricing in expected higher export production from Venezuela and the U.S. supply and demand outlook.  The London-based bank is now forecasting an average Brent price of $93 per barrel for next year, coming in above consensus despite slashing its forecast.  “The recent decline in prices is driven primarily by the reappearance of demand concerns and not the fading of the geopolitical risk premium,” the bank said in a note carried by Reuters, adding that “despite the ongoing…

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