Oil prices face pressure from slow China demand and inventory rise.
Analysts have lowered their 2024 oil price outlook due to weak fuel demand from leading importer China and rising inventory levels as Saudi Arabia and OPEC+ allies prepare to ease some output cuts from October, a Reuters poll found.
The poll of 37 analysts and economists surveyed by Reuters in the last two weeks forecast Brent crude would average $82.86 per barrel in 2024, a fourth straight cut in estimates, from $83.66 forecast in July.
The poll showed U.S. crude would average $78.82 this year, slightly lower than last month's estimate of $79.22.
"Despite heightened geopolitical tensions, oil prices have been trading below $90 per barrel so far this year, as weak crude intake from China and Europe has offset the bullish impact of still-curbed OPEC supplies," Florian Grunberger, senior analyst at data and analytics firm Kpler.
Analysts have lowered their 2024 oil price outlook due to weak fuel demand from leading importer China and rising inventory levels as Saudi Arabia and OPEC+ allies prepare to ease some output cuts from October, a Reuters poll found.
The poll of 37 analysts and economists surveyed by Reuters in the last two weeks forecast Brent crude would average $82.86 per barrel in 2024, a fourth straight cut in estimates, from $83.66 forecast in July.
The poll showed U.S. crude would average $78.82 this year, slightly lower than last month's estimate of $79.22.
"Despite heightened geopolitical tensions, oil prices have been trading below $90 per barrel so far this year, as weak crude intake from China and Europe has offset the bullish impact of still-curbed OPEC supplies," Florian Grunberger, senior analyst at data and analytics firm Kpler.
6 months ago
