Overall, crude oil and refined products have traded sideways for the month of October.
Economists at Rabobank analyze Brent’s outlook.
Brent will touch, but not average, $100 at some point in Q4 2023 or Q1 2024 Should gasoline demand continue to weaken, it would be a signal that the economic outlook has also worsened, sparking a financial sell-off of Brent and WTI of $10-12/bbl. However, this will be mitigated by the long-term physical outlook and ongoing geopolitical issues. If macro concerns continue to weigh on prices, we could see the low $80s for Brent.
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