The global oil market is likely to narrow in the second half of 2023 after OPEC+’s recent decision to cut oil production, Spencer Dale, chief economist at British oil company BP, said on Tuesday.
“There is room for oil markets to shrink slightly if Chinese demand for oil and its overall economy recovers,” Dell said during a press conference.
JPMorgan predicted Brent crude would rise to $94 in the fourth quarter of 2023.
JPMorgan predicted in a note that Brent crude would rise about 9.4% from current levels to $94 a barrel in the fourth quarter, with the Federal Reserve expected to stop raising interest rates.
If the Fed stops raising interest rates soon, the most likely scenario is for oil to perform well, the U.S. bank said.
Crude oil prices rose with OPEC countries, including Iraq, announcing voluntary reductions of more than one million and 600 thousand barrels per day, in addition to previous reductions of 2 million barrels per day.
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