Brent Crude Oil to retrace back to the yearly lows during Q4 2023 and Q1 2024 – Rabobank

Economists at Rabobank analyze Oil’s outlook ahead oft the decision by OPEC+ on production quotas on Thursday.

Crude prices could find renewed support if an agreement between OPEC+ members is reached

If an agreement between OPEC+ members is reached, crude prices could find renewed support. Until then the market should brace for more volatility as uncertainty over the discussion around continuing versus deepening production cuts. 

We continue to forecast weakness for Brent down to $72 and retrace back to the yearly lows during Q4 2023 and Q1 2024 while fundamentals will strengthen the market in the latter half of 2024.