Oil Prices Hit Over 3-Month Low Amid Rising US Supply, Reduced Global Demand Reports Suggest

Barclays projects 2024 Brent crude price at $93 a barrel as US supply remains robust and Venezuela's output increases; meanwhile, softened demand in the US and China amplifies downward pressure.

Barclays has lowered its 2024 Brent crude oil price forecast to $93 a barrel due to increased US supply and a rise in Venezuela's output following the relaxation of sanctions.
Oil prices have dropped to a more than three-month low due to expectations of reduced demand in the US and China.
US crude oil production is projected to increase slightly less than previously anticipated, while demand is predicted to fall—all of which have contributed to the drop in oil prices.
A steep rise in US crude supplies, as well as mixed economic data from China, has led to increased concerns about global demand for crude oil, further influencing the drop in prices.
Despite the rise in supply and drop in demand, Barclays maintains that oil prices should remain relatively high through to the end of this decade due to constraints on the supply side.