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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,...

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