Brent Oil to average $92 in Q4 – Deutsche Bank

Market news

18 October 2023

Brent Oil to average $92 in Q4 – Deutsche Bank

Strategists at Deutsche Bank see Brent at $92/bbl in Q4.

Brent could reach $100

Looking into the fourth quarter, we expect a supply-demand deficit of -1.1 mmb/d to follow the -1.4 mmb/d in Q3.

Our base case is that Brent Crude Oil prices average $92/bbl in Q4 (up from $85/bbl previously).

However, a median Brent quarterly range of 22% relative to the midpoint is wide enough to encompass the possibility of Brent reaching $100/bbl.

See: Oil prices unlikely to surge materially above $100 – TDS

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