Morgan Stanley updated its forecast for Brent crude oil prices for the third quarter of 2024, where it expected the price of a barrel to be $80, but after the update, it expected the price of a barrel to reach $90, meaning that it raised its barrel price expectations by 12.5% from its previous forecast.

This is not the first time he has raised his expectations; The bank had expected the price of a barrel in the first quarter to reach $82.5, then raised the price to $85. It also raised its expectations for the price of a barrel in the second quarter from $82.5 to $87.5, and likewise its expectations for the fourth quarter, which rose from $80 to $85.

Morgan Stanley completed its forecast for oil demand growth this year, fixing its forecast at 1.5 million barrels per day, while expecting that the decrease in the global supply of oil would reduce the gap between supply and demand for oil.

The bank added that the decrease in the quantity supplied is due to a number of reasons, including the continued voluntary decrease in the daily production of oil barrels by OPEC+ member states, in addition to the Ukrainian attack on a number of Russian oil refineries and stations, which has now led to a rise in daily oil prices; On Monday, the price of a barrel reached $86.