The price of Brent Oil has recovered from its six-month low in mid-December and has hovered around $80 since the beginning of the year. Economists at Commerzbank analyze Brent’s outlook.
Oil price between demand concerns and supply risks
Negative factors such as the weak economies in China and Europe and supportive factors such as supply risks due to tensions in the Middle East are balancing each other out.
We expect the price of Brent Oil to remain stable at around $80 for the time being.
As the year progresses, the oil market should tighten as demand picks up and the Brent Oil price should rise to $90 by the end of 2024.
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