Industry - Commodity Price Forecasts - Commodity Price Forecasts
Oil prices have fallen sharply in recent weeks, dropping as low as $75pb. Despite rising Middle East tensions from the deaths of senior Hamas and Hezbollah leaders in Tehran, weak global demand, particularly in China, is still preoccupying markets. As the global economy is slowing, the potential upside in oil prices will stay limited for the rest of 2024. We see some near-term upside potential as markets rebound from last week’s declines, but think Brent will stay capped around the $80pb level.
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