{"id":1458704,"date":"2024-02-22T10:00:00","date_gmt":"2024-02-22T15:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1458704"},"modified":"2024-02-22T10:00:00","modified_gmt":"2024-02-22T15:00:00","slug":"deutsche-bank-sees-brent-oil-price-at-88-by-the-end-of-2024","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/deutsche-bank-sees-brent-oil-price-at-88-by-the-end-of-2024\/1458704\/","title":{"rendered":"Deutsche Bank Sees Brent Oil Price At $88 By The End Of 2024"},"content":{"rendered":"

Deutsche Bank Sees Brent Oil Price At $88 By The End Of 2024<\/span><\/p>\n

\n

By Charles Kennedy of OilPrice.com<\/a><\/em><\/p>\n

A nearly balanced market in the first half of the year and seasonal strengthening of demand in the second half are set to push the price of\u00a0Brent Crude<\/a>\u00a0to $88 per barrel by the end of 2024, according to analysts at Deutsche Bank.<\/p>\n

<\/a><\/p>\n

\u201cWe look for continued OPEC+ discipline in a nearly balanced market for H1, and seasonal strength in H2,\u201d<\/strong><\/em> the bank\u2019s strategists wrote in a note on Wednesday carried by\u00a0FXStreet<\/a>.<\/p>\n

With the OPEC+ cuts in the first half of 2024, Deutsche Bank sees little upside to its H1 forecast of $83 per barrel Brent.<\/p>\n

\u201cThe first possibility of relaxation of OPEC+ supply cuts will be in Q3 against a backdrop of tighter balances and higher prices, underpinned by seasonal strength,\u201d the bank\u2019s analysts wrote.<\/p>\n

Early on Wednesday, Brent Crude was marginally down by 0.05% at $82.34 a barrel as of 9:00 a.m. EST, while the U.S. benchmark,\u00a0WTI Crude<\/a>, traded slightly higher by 0.04% at $77.06.<\/p>\n

Oil prices fell this week amid concerns about slowing economies and anxiety that the start of easing of the U.S. interest rates could take longer than previously expected.<\/p>\n

But geopolitical flare-ups and the disruption to commercial shipping in the Red Sea have been lending support to oil prices in recent weeks. \u00a0<\/p>\n

\u201cThe ongoing concerns over a slowdown in global consumption (especially from China) are capping any major upside in oil prices,\u201d ING\u2019s commodity strategists Warren Patterson and Ewa Manthey\u00a0wrote<\/a>\u00a0on Wednesday.<\/p>\n

\u201cHowever, increasing geopolitical conflicts and OPEC+’s continuous efforts to curb output levels have kept oil prices in a tight trading range for now.\u201d<\/p>\n

According to Saxo Bank, the short-term outlook on oil has improved, with widening time spreads pointing to a tightening supply outlook.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 02\/22\/2024 – 05:00<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Deutsche Bank Sees Brent Oil Price At $88 By The End Of 2024 By Charles Kennedy of OilPrice.com A nearly balanced market in the first…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1458704","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1458704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1458704"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1458704\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1458704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1458704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1458704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}