Another bank will raise its Brent price target to $94 per barrel for the third quarter of 2024.
The reasons cited by the bank are continued OPEC supply restrictions, as well as falling Russian oil production, as well as rising seasonal demand.
This follows others like BofA and JPMorgan recently adjusting their oil forecasts upward.
As I mentioned last time, there’s nothing like a 20% year-to-date gain to suddenly see “reason” to adjust projections.
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