Brent to rise to $90 in the second half of 2024 – Commerzbank

Three weeks before the end of the year, the price of Brent Oil is trading roughly 10% lower than at the beginning of the year. Strategists at Commerzbank analyze Oil’s outlook.

WTI expected at $75 by the end of Q1-2024

OPEC+ production cuts are likely to keep the Oil market in balance at the start of 2024 despite weaker demand, which should allay current oversupply concerns and argue for a price recovery to $80 by the end of the first quarter. 

Rising demand during the year and the resulting supply deficit should allow the price of Brent to rise to $90 in the second half of 2024. 

For WTI, we expect a price of $75 at the end of the first quarter and $85 in the second half of the year.