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Bank of America’s Francisco Blanch weighs in on OPEC+’s decision to boost oil production, suggesting the market can absorb the increase—for now. However, he warns of a bearish outlook for the second half of the year.
- OPEC+ increases oil production in August, with the market currently absorbing the additional supply.
- Bank of America forecasts Brent crude dropping to low $60s and WTI to high $50s in H2 2023.
- Francisco Blanch suggests short-term stability but warns of bearish trends ahead.
📎 Related coverage from: bloomberg.com