MARKETS

Macquarie bearish on oil with $73 price call in 2024

In 2024, Macquarie expects WTI to trade in the US$73/barrel range with Brent projected to trade around US$77/barrel. Significantly, the investment bank remains bearish, as OPEC+ supply cuts offer limited price support in the face of responsive non-OPEC+ supply, amid slowing demand growth for oil.

ENB Staff
Oil barrels

Oil barrels

Crude prices have fallen around 25% since September after the risk premium from the Israel-Hamas conflict evaporated, while global oil inventories have also expanded, exerting downward pressure on pricing,...

Start a free trial to continue reading this article
Already have an account?  
Subscribe now

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry

editions

ENB Social Licence Report 2021

In its second year, this research now includes trends and new findings surrounding impacts and responses as the energy industry seeks to secure and maintain a social licence to operate.