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

<p>An ICYMI (like I did!) from Barclays on their oil price forecasts for 2024:</p><p>Brent crude prices forecast for this year slashed by $8 to $85 per barrel</p><ul><li>primarily due to "a higher starting point for inventories and a potentially longer path to OPEC spare capacity normalization."</li><li>"inventories remain higher than expected and the chance remains that OPEC+ will take longer than anticipated to normalize spare production capacity"</li><li>"we think investors should weigh the risk of looser OPEC+ cohesion, but it should not be the baseline scenario"</li><li>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</li></ul>

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