BMI still expects Brent to average $85 per barrel this year and $82 per barrel next year despite growing downside risks.
The international crude benchmark Brent is expected to average $85 per barrel this year and $82 a barrel next year, BMI , a Fitch Solutions company, said in a report, keeping its outlook on oil prices despite the balance of risks lying “firmly to the downside.” BMI noted that for its price forecast for 2024 to pan out, Brent needs to average $86 a barrel in the second half of the year, as it has averaged $83.50 year to date.
A Reuters poll showed this week that the Fed might start cutting interest rates in September. Nearly two-thirds of economists polled by Reuters early this month expect the first cut from the Fed funds rate to a 5.00%-5.25% range, from 5.25%-5.50% now, to come in September this year. Some analysts became more optimistic about Fed cuts later this year following some weak U.S. economic data.
Crude Oil Oil Prices Brent WTI Forecast Demand Supply Risk
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