Oil Price forecast - Dec 20

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Oil Prices Poised to Bounce Back in 2024
By Irina Slav - Dec 18, 2023, 11:00 AM CST

Top U.S. banks forecast a median Brent price of $85 for 2024, citing demand growth and potential supply disruptions.
Goldman Sachs revised its forecast to $70-$90 per barrel, while Citigroup predicts an average price of $75, factoring in slower demand growth and higher U.S. output. < Go look at an oil price chart and you will see a clearly defined trading range of $70 to $90 for WTI. I am using $80/bbl for WTI in all of my forecast models, but I do expect WTI prices to remain volatile. Fear of Recession just keeps hanging around.
The global oil market outlook for 2024 is largely bearish, but increased demand, especially from Asia, could lead to higher prices.

Irina Slav is one of the best oil market analysts that writes articles for OilPrice.com

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