Brent is also trading with a similar drop of around 3% to US$69.5, its lowest level in three years.
Brent is also trading with a similar drop of around 3% to US$69.5, its lowest level in three years.
The price of crude oil WTI falls more than 3% to $66 for the first time since 2021. While the Brent It is also trading with a similar drop of around 3% now to US$69.5, its lowest level in three years.
Morgan Stanley lowered its Brent crude forecast for the second time in a month, citing recent price declines that signal the risk of a “considerable weakness in demand.”
WTI oil falls more than 3%
Analysts now predict that crude oil will Brent will average $75 in the fourth quarter of this year, down $5 from its previously revised downward forecast of $80 issued in late August.
Other Wall Street firms have also lowered their expectations, driven mainly by due to weak demand from China, the largest importer of crude oil.
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JPMorgan recently lowered its Q4 forecast from $85 to $80, citing “oil’s underperformance in August.”
Meanwhile, last month Goldman Sachs cut its Brent forecast for 2025 by $5 a barrel to a range of $70 to $85.
Source: Ambito
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