{"id":110330,"title":"Wall Street bank predicted the price of Brent crude could fall 20pc within months","publisher":"Share Talk","author":"sharetalk","published":"2023-10-02T14:11:13+00:00","modified":"2023-10-02T14:55:00+00:00","canonical_url":"https://www.share-talk.com/wall-street-bank-predicted-the-price-of-brent-crude-could-fall-20pc-within-months/","markdown_url":"https://www.share-talk.com/wall-street-bank-predicted-the-price-of-brent-crude-could-fall-20pc-within-months.md","json_url":"https://www.share-talk.com/wall-street-bank-predicted-the-price-of-brent-crude-could-fall-20pc-within-months.json","category":"Blogs","categories":["Blogs","Energy","Oil and Gas","Technology","Technology, Media & Telecoms"],"tags":["Austria","BANK","Brent Crude","Citi analysts","economy","Jamal Khashoggi","Joe Biden","Mohammed bin Salman","New York","oil","oil prices","OPEC","President","Riyadh","Russia","Saudi Arabia","UAE","USA","Vienna","Wall Street"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2021/09/oil.jpg?fit=600%2C400&quality=89&ssl=1","format":"news","language":"en-GB","content":"Fuel bills for drivers may decrease in the coming months, as a prominent Wall Street bank anticipates that Brent crude prices will drop by over 20% to around $70 next year.\n\nUpon market opening in London, the worldwide oil standard dipped by over 3% due to predictions by Citi analysts that its price would decrease from the current $92 a barrel. However, there has been a 0.4% increase since then.\n\nGlobal governments and central banks were concerned about oil prices nearing $100 a barrel, as this could lead to inflation.\n\nSince mid-June, prices surged by over 25% following Russia and Saudi Arabia’s decision to reduce worldwide supplies. Nonetheless, Citi analysts forecast that Brent crude will plummet to as low as $70 a barrel next year due to an expected surplus in the global market.\n\nEd Morse, the global head of commodities research at the bank, expects prices to stabilize at an average of $73 in the next year’s second quarter.\n\nHe commented that while the pandemic recovery is slowing down, which is impacting demand, there’s increasing supply from non-Opec+ sources.\n\nMorse noted that reductions in supply have contributed to a sustained upward trend in oil prices. However, he believes prices will decrease in the final quarter of this year, with potential further reductions in 2024."}