BofA hikes 2024 oil forecasts on tighter supply, geopolitical risks

After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.

• Apr 9, 2024Morgan Stanley lifts Q3 Brent crude oil forecast on geopolitical risk-0.6%
• Oct 15, 2021Oil prices rise to three-year high on back of supply deficit forecasts+0.8%
• Aug 23, 2022Oil jumps nearly 4% on possible OPEC+ supply tightening | Reuters+7.6%
• Aug 1, 2023Oil posts fifth week of gains on signals of tighter supply+0.6%
• Jun 1, 2026Analysts hike oil forecasts again as energy flows face slow recovery: Reuters poll+2.9%

After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.

• Oct 15, 2021Oil prices rise to three-year high on back of supply deficit forecasts+1.5%
• Aug 23, 2022Oil jumps nearly 4% on possible OPEC+ supply tightening | Reuters+5.3%
• Aug 1, 2023Oil posts fifth week of gains on signals of tighter supply+0.2%
• Jun 1, 2026Analysts hike oil forecasts again as energy flows face slow recovery: Reuters poll+3.5%
• Feb 3, 2022Canadian dollar forecasts turn more bullish as oil hits 7-year high: Reuters poll+1.6%