Barclays slashed their Brent Crude oil price forecast by $8 a barrel

An ICYMI (like I did!) from Barclays on their oil price forecasts for 2024:

Brent crude prices forecast for this year slashed by $8 to $85 per barrel

• primarily due to “a higher starting point for inventories and a potentially longer path to OPEC spare capacity normalization.”
• “inventories remain higher than expected and the chance remains that OPEC+ will take longer than anticipated to normalize spare production capacity”
• “we think investors should weigh the risk of looser OPEC+ cohesion, but it should not be the baseline scenario”
• says that there has been no material effect on supply despite rising Middle East tensions, and that unplanned supply outages are trending at the lowest level in years

This article was written by Eamonn Sheridan at http://www.forexlive.com.