Analysts Cut Oil Price Forecasts for Fourth Consecutive Month

Weaker-than-expected Chinese oil demand and high inventories globally have prompted economists and analysts in a Reuters poll to reduce their oil price forecasts for 2024 for the fourth consecutive month. The experts in the monthly Reuters poll now see Brent Crude prices averaging $82.86 per barrel this year, down from $83.66 a barrel expected in the July forecast. WTI Crude, the U.S. benchmark, is now projected to average $78.82 per barrel in 2024, down from $79.22 a barrel expected in last month’s poll. Generally, the analysts polled by…