Morgan Stanley expects oil prices to drop to the mid-$70s next year amid a supply surplus.
Oil prices are expected to drop to the mid-$70s next year amid a surplus on the market, according to Morgan Stanley . Currently, the oil market is tight and warrants the $80s per barrel price range, but with seasonal demand starting to abate in the fourth quarter, market balances are set to return, the investment bank said in a note carried by Reuters on Monday.
Early on Monday, Brent Crude prices were up by 0.52% at $83.07, while the U.S. benchmark, WTI Crude, was trading 0.49% higher at $80.46. Morgan Stanley reiterated in the note its price forecast of $86 per barrel Brent oil for the third quarter of 2024. Goldman Sachs has also recently reaffirmed its outlook from June that Brent crude prices are set to rise to $86 per barrel this summer amid strong consumer demand which will put the market into a sizeable deficit in the third quarter.
Oil Prices WTI Brent Forecast Morgan Stanley Surplus Supply Demand
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