(Reuters) - Commerzbank (ETR:CBKG) on Tuesday raised its Brent oil price forecasts for this year and 2023 on supply risks precipitated by an OPEC+ output cut and EU sanctions on Russia.
The bank revised its end-2022 forecast to $95 per barrel from $90 earlier, and end-2023 outlook to $100 from $95 previously, adding oil prices are likely to remain well supported in coming weeks.
"That said, concerns about demand in view of the sharply rising interest rates in the US, the escalating energy crisis in Europe and the zero-COVID policy in China should preclude any more marked upswing," it added.
Oil slid more than 2%, with Brent crude trading around $95 a barrel as of 1219 GMT, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand.
Goldman Sachs (NYSE:GS) was among banks that have recently raised their oil price forecasts after the Organization of Petroleum Exporting Countries and allies including Russia, agreed its deepest cuts to production since the 2020 COVID pandemic.
The following is a list of the latest brokerage forecasts for 2022 average prices per barrel for Brent and WTI (in $ per barrel):
Brokerage/Agency Brent WTI Date
Revised
2022 2023 2022 2023
*Commerzbank
95.00 -- -- Oct. 11
100.00
Fitch Solutions
105.00 98.00 Oct. 6
100.00 102.00
Goldman Sachs 104.00 110.00 98.00 105.00 Oct. 5
*UBS -- -- --
110.00 Oct. 5
Morgan Stanley (NYSE:MS) (base
case) -- -- 102.5 Oct. 5
105.00
ANZ
105.00 NA
104.50 102.50 103.40
Standard Chartered (LON:STAN)
103.00 91.00 88.00 NA
100.00
BofA Global Research
104.50 95.00 90.00 NA
100.00
Barclays (LON:BARC) 103.00 103.00 99.00 99.00 Aug. 16
Citi Research 99.00 75.00 95.00 72.00 June 6
JP Morgan 104.00 98.00 101 94 March 15
ABN Amro 73.00 76.00 69.00 74.00 NA
* indicates end-of-period forecast
# current as of given date, may not indicate date of revision
For a table of crude price forecasts as of Sept. 30, see