BofA has raised their 2024 forecasts for each WTI ($81) and Brent ($86).
The financial institution famous that enchancment in demand has been sufficient to create a deficit within the second and third quarter of 2024.
They estimate that the deficit is roughly 450k barrels per day.
That is the second financial institution which has upped their oil forecasts with JP Morgan final week saying that Russia’s choice to chop manufacturing may see Brent elevate to $100 by September.
Oil is up shut to twenty% from December.
Nothing fairly like an upside transfer in value to facilitate a motive why earlier forecasts are too low.
WTI
