Brent to test $70 as macro concerns overtake long-term fundamentals – Rabobank Oil Brent Banks
Crude oil has weakened significantly in the last two weeks. Economists at Rabobank expect Brent Oil to test the $70 mark. “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.”in the $90s.
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