ING Sees Oil Prices Rising Further on Supply Risk

Oil markets will continue to tighten in the second and third quarters amid growing supply risks including the rollover of voluntary supply cuts from OPEC+ into  Q2 2024, Ukraine’s recent attacks on Russia’s refineries as well as constant disruptions to oil flows through the Red Sea, ING Global Market Research has predicted.  ING Global has hiked its oil price forecast from US$80/bbl to US$87/bbl for the second quarter and from US$82/bbl to US$88/bbl for the third quarter.  Several other analysts share a similar sentiment. …