Morgan Stanley cuts Brent crude price forecast for Q4 2024

Morgan Stanley lowered its Brent crude price forecast for the second time in just a few weeks, as demand challenges mount while supplies remain plentiful.

The global benchmark will average $75 a barrel in the fourth quarter. That compares with an earlier projection of $80 between October and December, which was issued just last month in a cut from the prior outlook for $85, the global investment bank said in a note today, Sept. 9.

"The recent trajectory of oil prices has similarities to other periods with considerable demand weakness," said the bank analysts.

The revision comes after Citigroup recently said the market looked oversupplied and prices could average $60 a barrel in 2025 unless OPEC+ cut deeper.