Fossil Fuels
HSBC lowers Brent forecasts due to trade tensions and sluggish demand for oil
HSBC reduced its Brent crude forecast on Tuesday. It cited rising trade tensions as well as an expected decrease in global oil consumption. The Bank cut its Brent Price Forecast to $68.5 per barrel in 2025, and $65 for 2026. The company also reduced its forecast for global demand growth in 2025 to 0.7 million barrels per day (mbd), and to 0.8 mbd in 2026, compared to the previous 0.9 mbd. This was due to an expected one-percentage point drop in global GDP. The ambiguous U.S. policy on trade has created uncertainty in the global oil market and prompted the...