Crude price outlook: Morgan Stanley hiked its Q3 Brent crude outlook by $4 to $94 over geopolitical conflicts, while other analysts see a supply deficit of one million barrels per day in 2024 due to the prevailing OPEC cuts.
Brent crude futures last dropped 28 cents, or 0.3 per cent, to $89.14 per barrel, while US West Texas Intermediate crude futures fell 35 cents, or 0.4 per cent, to $84.88
Crude oil may still rise as analysts have warned that without an end to the conflict, there is an elevated risk that other countries, particularly Iran, could be drawn into the war.