Bank of America Raises 2024 WTI Forecast to $81, Anticipates Global Oil Market Shift

Wednesday, 3 April 2024, 09:25

Bank of America has increased their 2024 projections for both WTI and Brent, citing a surge in demand leading to a forecasted deficit. The bank anticipates a shortfall of approximately 450k barrels per day, impacting the global oil market dynamics significantly. With optimism about the market growth, this move follows JP Morgan's recent projection upgrade, hinting at a bullish trend in oil prices.
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Bank of America Raises 2024 WTI Forecast to $81, Anticipates Global Oil Market Shift

Bank of America Updates 2024 Oil Forecast

Bank of America recently raised their 2024 forecasts for both WTI and Brent, setting the WTI price target at $81. This adjustment comes as a response to an anticipated demand surge in the second and third quarters of 2024.

Market Impact and Competitor Analysis

Significant Move: Bank of America's projection upgrade signals optimistic market sentiments, reflecting the bank's belief in a tightening supply-demand scenario. This revision follows a similar move by JP Morgan, showcasing a bullish trend in oil forecasts.

  • This shift underscores the importance of market dynamics in shaping long-term price expectations.
  • The revised forecast also highlights the potential impact of production cuts and demand fluctuations on future prices.

Conclusion: With oil prices soaring, the recent upgrades by major financial institutions suggest a positive outlook for the oil market, hinting at potential long-term opportunities for investors.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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