0924 GMT – Brent crude is forecast to rise to an annual average of $85 a barrel in 2024, according to BMI analysts. “Next year will be a tale of two halves: in 1H, a sharp slowdown in developed market economies will put prices under heavy pressure; in 2H, as global economic growth passes its nadir, sentiment will strengthen, positioning Brent for healthy gains,” they say in a note. Prices have slumped in recent weeks, reversing gains made since the outbreak of the Israel-Hamas war, with Brent currently trading 1.4% lower at $77.78 a barrel. ([email protected])

Oil Falls on Uncertainties Around OPEC+ Cuts, Global Demand

0840 GMT – Oil prices are edging lower after rising in the early morning Asian session amid uncertainties around OPEC+ voluntary output cuts and global demand growth. Brent crude and WTI are both down 1.1%, at $78.02 a barrel and $73.27 a barrel respectively. Prices slumped last week after OPEC+’s deeper cuts left traders disappointed and raised questions over quota enforcement. Meanwhile, geopolitical tensions in the Middle East intensify as Israel resumes combat operations in Gaza and after Iran-backed Houthi forces in Yemen claimed responsibility for attacks against a U.S. destroyer and three commercial ships operating in the Red Sea. ([email protected])