Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year
The Wall Street bank cut its Brentprice outlook for the third quarter this year to $75 from $77.50 per barrel and lowered its fourth quarter forecast to $70 from $75.
It also cut its forecasts for 2024 by $5, and now sees prices at $70 in the first quarter, at $72.50 in the second, and at $75 and $80 for the final two quarters, respectively