Brent could test the low $80s if macro concerns continue to weigh on prices – Rabobank

FXStreet Insights Team FXStreet

Overall, crude oil and refined products have traded sideways for the month of October. Economists at Rabobank analyze Brent’s outlook.

Brent will touch, but not average, $100 at some point in Q4 2023 or Q1 2024

Should gasoline demand continue to weaken, it would be a signal that the economic outlook has also worsened, sparking a financial sell-off of Brent and WTI of $10-12/bbl. However, this will be mitigated by the long-term physical outlook and ongoing geopolitical issues.

If macro concerns continue to weigh on prices, we could see the low $80s for Brent.

We still believe that Brent will touch, but not average, $100/bbl at some point in Q4 2023 or Q1 2024.

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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