Morgan Stanley Sees Oil Prices Dropping to the Mid-$70s Next Year

Oil prices are expected to drop to the mid-$70s next year amid a surplus on the market, according to Morgan Stanley. Currently, the oil market is tight and warrants the $80s per barrel price range, but with seasonal demand starting to abate in the fourth quarter, market balances are set to return, the investment bank said in a note carried by Reuters on Monday. In the fourth quarter of 2024, the market would be balanced “when seasonal demand tailwinds abate and both OPEC and non-OPEC supply return to growth,” Morgan Stanley’s…