Analysts at Deutsche bank expect the price of Brent crude to climb to $88 by the end of this year due to rising demand.
A nearly balanced market in the first half of the year and seasonal strengthening of demand in the second half are set to push the price of Brent Crude to $88 per barrel by the end of 2024, according to analysts at Deutsche Bank. “We look for continued OPEC discipline in a nearly balanced market for H1, and seasonal strength in H2,” the bank’s strategists wrote in a note on Wednesday carried by FXStreet.
Oil prices fell this week amid concerns about slowing economies and anxiety that the start of easing of the U.S. interest rates could take longer than previously expected. But geopolitical flare-ups and the disruption to commercial shipping in the Red Sea have been lending support to oil prices in recent weeks.