BofA increase their 2024 wti forecast to $81

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BofA has raised their 2024 forecasts for both WTI ($81) and Brent ($86).

The bank noted that improvement in demand has been enough to create a deficit in the second and third quarter of 2024.

They estimate that the deficit is roughly 450k barrels per day.

This is the second bank which has upped their oil forecasts with JP Morgan last week saying that Russia’s decision to cut production could see Brent lift to $100 by September.

Oil is up close to 20% from December.

Nothing quite like an upside move in price to facilitate a reason why previous forecasts are too low.