Who would have thought this time last year, with Brent above $120 a barrel, it would now be languishing at $75?
BCA Research, which published a paper last year predicting $55 Brent, says there is still more downside. Chief strategist Dhaval Joshi says the markets have miscalculated both demand and supply.
On the demand side, there’s been little or no recognition of how bad the downturn would be, and supply has been underestimated with Russia willing and able to sell cheap oil to fund its war in Ukraine.
Any opinion, news, research, analysis, or other information does not constitute investment or trading advice.
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