Barclays analysts slash Brent crude oil price forecast, but say demand concerns overblown

<p>Posting this ICYMI, analysts at Barclays lowered their oil price forecast for Brent crude futures next year by $4/b to $93/bbl. </p><ul><li>"We lower our 2024 Brent forecast by $4/bbl but maintain our above-curve and consensus view on prices."</li><li>said that the 2024 forecast is still $14/bbl ahead of the Brent forward curve</li><li>added that the recent selloff in oil may be overdone</li></ul><p>Barclays citing:</p><ul><li>weakening demand outlook in the US and China clashing with concerns of an escalation and potential supply disruption in the Middle East</li><li>concerns over the strength of the global economy were compounded last week by data showing a surprise spike in US oil stocks, and economic weakness in China</li><li> "Demand concerns have returned recently but based on our assessment of the aggregate data, these might be misplaced" </li></ul><p>—</p><p>Oil futures trade will open for the week at the top of the hour. </p>

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