Morgan Stanley raised their Q3 2024 Brent forecast to $94bbl

Another bank to raise their price target for Brent to $94 bbl for Q3 2024.

The reasons given by the bank is the continued supply restraints from OPEC, as well as downside in Russia’s oil production, as well as upside in seasonal demand.

This follows others like BofA and JPMorgan that have recently adjusted their oil forecasts higher.

Like I mentioned last time, nothing quite like a 20% YTD gain to suddenly see ‘reasons’ to adjust projections.

This article was written by Arno V Venter at www.forexlive.com.