Brent to test $70 as macro concerns overtake long-term fundamentals – Rabobank

Crude oil has weakened significantly in the last two weeks. Economists at Rabobank expect Brent Oil to test the $70 mark. 

Second half of 2023 will witness crude oil prices in the $90s

“Declining diesel crack spreads as fears of a wider economic slowdown materialize has led us to caution that Brent will test the $70 mark soon. Should $70 be breached, we expect Brent to hover in the mid-to-high $60s while OPEC+ responds with additional production cuts to attempt to shock prices back up.”

“We reiterate our forecast that the second half of 2023 will witness crude oil prices in the $90s. Furthermore, our medium-term outlook for the next two-five years remains in the $90s to $100s for Brent.”