• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 5 hours How Far Have We Really Gotten With Alternative Energy
  • 5 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.

Analysts Expect Oil Prices to Remain Close to $80 This Year

Sufficient supply and uninterrupted oil trade flows despite the Middle Eastern conflicts are set to keep oil prices close to the $80 per barrel threshold this year, the monthly Reuters poll of analysts showed on Thursday.

For the fourth consecutive month, more than three dozen analysts and economists continued to revise down slightly their forecast for the average price of the two most traded benchmarks, Brent and WTI, the Reuters poll found.

According to the experts, Brent Crude prices will average $81.13 a barrel this year, a slight downgrade from the $81.44 a barrel average consensus in the January poll.  

For WTI Crude, the surveyed analysts expect an average price of $76.54 per barrel in 2024, down from $77.26 a barrel expected in last month’s poll.

Early on Thursday, both benchmarks were set to post their second monthly gain in a row after a period of losses last year, with traders anticipating an extension of the OPEC+ production cuts.

An extension would contribute to a perception of a tightening oil market that has served to keep oil prices elevated for most of the past two months.

As of 7:45 a.m. EST on Thursday, Brent prices were slightly down by 0.13% at $83.62, while the U.S. benchmark, WTI Crude, traded 0.17% higher at $78.65.

Earlier this week, Goldman Sachs revised up its forecast for summer peak Brent Crude prices to $87 per barrel, up by $2 from earlier expectations, on the back of faster-than-expected land inventory drawdowns due to seaborne trade disruptions from the Red Sea crisis.

According to Goldman, Brent prices will likely remain in the $70-$90 a barrel trading range in the near term amid a modest geopolitical premium from the wars in Ukraine and the Middle East.

The Wall Street bank expects the OPEC+ alliance to decide in early March to roll over the first-quarter cuts into the second quarter, and only gradually to unwind the supply reductions beginning in the third quarter of this year.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on February 29 2024 said:
    They are wrong. Despite deliberate manipulations of the global oil market by oil traders. speculations and the United States aimed at depressing oil prices for the benefit of US economy and refilling of the SPR, Brent crude oil price is projected to range from $90-$100 a barrel based on solid fundamentals and robust demand even without a war premium.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Oil Expert
  • Oilpricecom ispathetic on February 29 2024 said:
    There is no such thing as an 'expert' in oil prices. These are the same 'experts' who kept predicting $200 oil prices last year.

    I laugh every time i look at their crystal ball predictions.
  • Mike Lewicki on February 29 2024 said:
    ice storms

    hurricanes

    skirmishes

    summer driving season

    ?

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News