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The EIA expects Brent to average $94.91 a barrel and WTI $90.91 in 2024. It cut its 2024 global oil demand forecast by 90,000 barrels per day.
The agency says OPEC+ voluntary output cuts are tightening the market.
A forecast of higher 2024 crude prices supports energy and freight costs, while the demand cut limits the upside. The outlook is a projection rather than a near-term supply shock.
spglobal.comOct 11, 2023After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
