BofA expects oil price at $90/ barrel in 2024

Bank of America (BofA) Global Research has revealed on Wednesday its latest Brent crude oil price forecasts for 2024 to reach $90 per barrel and a WTI forecast of $85 per barrel, with oil supply and demand likely to remain roughly balanced.

BofA said any move above $100 would require deeper OPEC+ supply cuts which are unlikely, unplanned supply disruptions or stronger demand conditions which are unexpected given a moderate GDP growth forecast.

The BofA Global Research analysts highlighted in the report that they see 1.9 million barrels per day of global oil demand growth in 2023 and 1.06 million barrels in 2024, “led mostly by China”.