Commerzbank Lowers Brent Oil Price Outlook To $85 At Year-End

Commerzbank has cut its oil price forecasts for this year and next to reflect a persistent “battered” sentiment on the market, due to economic growth concerns despite the additional OPEC+ cuts. Commerzbank revised down its forecast for Brent Crude to $85 per barrel at the end of this year, down from $90 a barrel previously expected. The bank cut its year-end forecast for the U.S. benchmark, too, seeing WTI Crude at $80 per barrel at end-2023, compared to an earlier expectation of $85 per barrel. Commerzbank also reduced its Brent and…