Morgan Stanley, following Goldman Sachs, revised its expectations for Brent oil prices upwards. He increased his Brent oil price forecasts, with the prediction that the market could remain under supply for several quarters, especially due to production cuts by Saudi Arabia and Russia.
Morgan Stanley increased its Brent oil forecast for the fourth quarter from $82.5 to $95 per barrel. It also raised its outlook for the first quarter of 2024 by $12.5 to $92.5, for the second quarter by $10 to $90, by $7.5 for the third quarter to $87.5, and by $5 for the fourth quarter to $85. .