Oil Price Target Set

German Commerzbank Predicts Target Price for Oil in 2024

German Commerzbank has announced its oil price forecast for the first quarter of 2024. The bank predicts that production cuts may be reversed as of the second half of 2024 due to increasing oil demand.

OPEC+ countries, which made cuts due to rising prices, aim to meet demand by increasing their production. According to Commerzbank’s target, the price is expected to rise to $85 per barrel in the first quarter of 2024. The price is expected to be $90 by the end of 2024.

This forecast comes at a time when the global oil market is experiencing fluctuating prices and demand due to the ongoing recovery from the COVID-19 pandemic.

Watch the video below to learn more about Commerzbank’s oil price forecast for 2024.

 

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