Societe Generale raises Brent crude price forecasts

Oil drilling rigs

Societe Generale said the current geopolitical risks are likely to become embedded in crude prices for the foreseeable future, according to a recent note.

Accordingly, the French bank raised its Brent and WTI forecast to $91 and $87.5 per barrel, respectively, in the second quarter of the year.

It also expects Brent to average $86.8 and WTI to reach $83.3 a barrel in 2024.

Elsewhere, JP Morgan said in a separate note, “Beyond the short-term spike induced by geopolitics, our base case for oil remains a $90 Brent through May.”