Posting this ICYMI, analysts at Barclays lowered their oil price forecast for Brent crude futures next year by $4/b to $93/bbl.
- "We lower our 2024 Brent forecast by $4/bbl but maintain our above-curve and consensus view on prices."
- said that the 2024 forecast is still $14/bbl ahead of the Brent forward curve
- added that the recent selloff in oil may be overdone
Barclays citing:
- weakening demand outlook in the US and China clashing with concerns of an escalation and potential supply disruption in the Middle East
- concerns over the strength of the global economy were compounded last week by data showing a surprise spike in US oil stocks, and economic weakness in China
- "Demand concerns have returned recently but based on our assessment of the aggregate data, these might be misplaced"
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Oil futures trade will open for the week at the top of the hour.
