Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to 'resilient' Russian supplies.
The current price of gasoline is shown on a gas station sign in Encinitas, California August 4, 2015. REUTERS/Mike BlakeAug 16 - Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to "resilient" Russian supplies.
Benchmark Brent crude futures were trading around $94 a barrel on Tuesday, while WTI futures were slightly below $89.The recent move lower in prices is primarily a timing issue, as resilient Russian supplies before the European Union's sanctions kick in later this year have coincided with elevated concerns of a broader slowdown, the bank said in a note.
Barclays also noted that the actual downside to the price forecast could be limited by a potential OPEC+ response to a possible demand slowdown next year from a mild recession.
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