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Views: 0 Author: Site Editor Publish Time: 2024-07-01 Origin: Site
As oil prices rebounded strongly for two consecutive weeks, Wall Street analysts have also begun to turn bullish on crude oil.
International oil prices have continued to fall since April, bearish sentiment in the market has been high, and technical selling pressure has increased. Two weeks ago, Brent crude oil net longs even hit the largest single-week drop in history.
Vikas Dwived, global oil and gas analyst at Macquarie, also raised his Brent oil price forecast for the third quarter to $86/bbl from $83/bbl, while his WTI oil price forecast was raised to $81.50/bbl from $78.50/bbl previously.
But Dwived was more cautious, predicting that the third quarter's oil price rally would be the "last carnival" of the year, with the outlook for crude oil in the fourth quarter expected to be bleaker as OPEC+ prepares to reverse its production cuts and U.S. crude oil production is expected to rise.
