Softer oil market fundamentals than previously expected prompted ING on Friday to slash its Brent Crude forecast for this year to $90 per barrel from $98, as a larger current surplus is likely to leave the market in a better position to handle an expected deficit in the second half of 2023. ING now sees Brent Crude prices averaging $100 a barrel in the fourth quarter, down from a previous projection of $110, Warren Patterson, Head of Commodities Strategy at ING, wrote in a note today.
In the first half of this year, the surplus on the market…ING Slashes 2023 Brent Oil Price Forecast To $90
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