Strategists at Rabobank analyze the path of Brent Crude Oil for the next months. In their view, a slump in prices is unlikely to last.

Brent will appreciate and average $90 for Q3 and Q4 2023

“Brent prices could see the $60s very briefly in a financial sell-off caused by an official recession. This is unlikely to last, as we believe that there are multiple levels of support in the $70s and our expectations are that Brent will appreciate and average $90 for Q3 and Q4 2023.”

“On the products side, we expect ULSD to average $3.01/gal for the year and gasoil $865/mt off the continuing shortage of global diesel inventories.”