Oil: Year-end target of $100, upside beyond looks unlikely in 2024 – ANZ

Oil: Year-end target of $100, upside beyond looks unlikely in 2024 – ANZ Oil OPEC China Banks

Supply cuts are finally tightening the Oil market. We now expect sharp drawdowns in inventories in the coming months. However, the recent rally in prices remains on shaky ground.

Over the medium term, some red flags that could cap this upside in prices are emerging. EVs in China are increasingly eating into Oil consumption. We expect lost Oil consumption from EVs to hit 260K b/d in 2023. That will reach 1.5M b/d by the end of the decade. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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