Brent Crude Oil to retrace back to the yearly lows during Q4 2023 and Q1 2024 – Rabobank
|Economists at Rabobank analyze Oil’s outlook ahead oft the decision by OPEC+ on production quotas on Thursday.
Crude prices could find renewed support if an agreement between OPEC+ members is reached
If an agreement between OPEC+ members is reached, crude prices could find renewed support. Until then the market should brace for more volatility as uncertainty over the discussion around continuing versus deepening production cuts.
We continue to forecast weakness for Brent down to $72 and retrace back to the yearly lows during Q4 2023 and Q1 2024 while fundamentals will strengthen the market in the latter half of 2024.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.