# BofA hikes 2024 oil forecasts on tighter supply, geopolitical risks | Reuters

> BofA raised its 2024 Brent and WTI forecasts on tighter supply and geopolitical tensions, with OPEC+ maintaining output restraint. The bank now expects Brent to average $86 and WTI $81 this year.

- Date: 2024-04-03 · published 2024-04-03T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/30900-bofa-hikes-2024-oil-forecasts-on-tighter-supply-geopolitical-risks-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher crude price expectations keep energy input costs elevated and support biofuel feedstock demand, modestly bullish for vegetable oils.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-04-09 | [Morgan Stanley lifts Q3 Brent crude oil forecast on geopolitical risk](https://feedsoft.ai/events/30899-morgan-stanley-lifts-q3-brent-crude-oil-forecast-on-geopolitical-risk.md) | -0.6% | -8.3% |
| BRENT | 2021-10-15 | [Oil prices rise to three-year high on back of supply deficit forecasts](https://feedsoft.ai/events/44716-oil-prices-rise-to-three-year-high-on-back-of-supply-deficit-forecasts.md) | +0.8% | -0.9% |
| BRENT | 2022-08-23 | [Oil jumps nearly 4% on possible OPEC+ supply tightening \| Reuters](https://feedsoft.ai/events/40192-oil-jumps-nearly-4-on-possible-opec-supply-tightening-reuters.md) | +7.6% | -5.3% |
| BRENT | 2023-08-01 | [Oil posts fifth week of gains on signals of tighter supply](https://feedsoft.ai/events/35196-oil-posts-fifth-week-of-gains-on-signals-of-tighter-supply.md) | +0.6% | -0.6% |
| BRENT | 2026-06-01 | [Analysts hike oil forecasts again as energy flows face slow recovery: Reuters poll](https://feedsoft.ai/events/19426-analysts-hike-oil-forecasts-again-as-energy-flows-face-slow-recovery-reuters.md) | +2.9% | -23.1% |
| WTI | 2021-10-15 | [Oil prices rise to three-year high on back of supply deficit forecasts](https://feedsoft.ai/events/44716-oil-prices-rise-to-three-year-high-on-back-of-supply-deficit-forecasts.md) | +1.5% | +0.1% |
| WTI | 2022-08-23 | [Oil jumps nearly 4% on possible OPEC+ supply tightening \| Reuters](https://feedsoft.ai/events/40192-oil-jumps-nearly-4-on-possible-opec-supply-tightening-reuters.md) | +5.3% | -8.4% |
| WTI | 2023-08-01 | [Oil posts fifth week of gains on signals of tighter supply](https://feedsoft.ai/events/35196-oil-posts-fifth-week-of-gains-on-signals-of-tighter-supply.md) | +0.2% | -1.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/bofa-raises-2024-oil-forecasts-sees-prices-peaking-95bbl-2024-04-03/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.