HSBC once optimistic by lowering oil forecasts and joining other big Wall Street companies
reduced their views. Analysts of the bank stated that Brent crude oil will fall to $ 80 in the second half of the year, from the previously estimated level of $ 93.50. It also cut its long-term forecasts from $85 to $75 a barrel. Brent crude currently hovers around $75.
A few top investment banks, such as Goldman Sachs and JPMorgan, have also lowered their previous expectations for higher oil prices in recent weeks. According to analysts from Wall Street banks, prices may be under pressure due to the potential for higher interest rates and higher market supply, led by strong Russia’s exports.
HSBC analysts stated that “the market is driven by macroeconomic concerns rather than fundamental data” and said they think this situation will continue in the summer. HSBC expects markets to still tighten in the second half due to factors such as OPEC+ supply cuts, strong Chinese demand and replenishment of US emergency reserves.
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