The price of Brent Crude Oil fell briefly below $80 per barrel in mid-November, its lowest level in four months. Strategists at Commerzbank analyze Oil’s outlook.
Oil price with upside potential
We expect the price of Brent Oil to rise to $85 per barrel in the first half of 2024.
The Oil market is likely to tighten again over the course of next year, which suggests a further price increase to $90 by the end of 2024.
See – Oil: Saudi Arabia will extend its production cuts into 2024 if they want prices to remain above $80 – ANZ
Source: https://www.fxstreet.com/news/brent-oil-to-rise-to-85-in-the-first-half-of-2024-commerzbank-202311231345