Two weeks ago Morgan Stanley lowered their Brent crude oil forecast to $80 / barrel. Now they've cut it even further:
now expecting an average $75 a barrel in Q4 of 2024
Citing demand headwinds:
- "considerable demand weakness”
- signals are of “recession-like inventory builds”
On supply:
- oil market to remain tight through Q3
- potential move into surplus by 2025
Brent update, a more or less sideways beginning to the week:
