UBS Lowers Q4 Oil Forecast by $8 Per Barrel

Wall Street financial services company UBS has cut its oil price forecasts for the period 2024-2026, citing weaker global demand and a more stable supply outlook. The analysts have lowered the forecast for average Brent crude oil in 2024 by $4 to $80 per barrel, with the forecast for Q4 2024 lowered to $75 per barrel from $83. UBS now sees Brent averaging $75 per barrel in both 2025 and 2026, a $5 per barrel reduction. The analysts have suggested that OPEC+ will be forced to postpone the unwinding of its voluntary production cuts, with any meaningful…