Brent Crude Oil to end 2023 at $80 – Deutsche Bank Oil Brent OPEC China Banks
Crude had its best week since October. Brent Oil rose $1.89 to $86.39. Strategists at Deutsche Bank expect the blackSigns of excess supply for H1 before demand recovers in H2 2023“We see recession slowing demand growth, but as China’s exit from zero-Covid occurred earlier than expected, there is less scope for ‘slingshot’ rebound in Q2. By H2, global demand should rise to 1 mmb/d above H2-2019 level.
“We see excess supply sustaining downside pressure for H1, creating tension with OPEC’s policy bias, before demand recovers in H2 2023.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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