Morgan Stanley has raised its quarterly outlook for Brent crude oil prices:Expects Brent to average $82.50 per barrel in Q1 and Q2 2024were previously forecasting $80 and $77.50Q# and Q4 forecasts are $80 per barrelCiting:OPEC compliance has been encouraging so far, therefore expects a balanced oil market this year, vs. having expected a surplus earlier "Recent inventory declines suggest the oil market has been tighter than we initially expected" lowered its forecast for non-OPEC supply growth to 1.5 million from 1.7 million barrels per day (bpd) "Supply has been lower than expected, partly due to OPEC but also due to the U.S.."Raised its global demand growth forecast to 1.5 million from 1.
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