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Looser monetary policy to support prices in 2024

We expect most commodity prices to struggle over the rest of this year as developed economies flirt with recession, the US dollar remains strong and investor risk appetite moderates. That said, we wouldn’t be surprised if the Brent oil price were to rise above $100 per barrel based on our estimates that global oil demand will comfortably exceed supply for the remainder of the year, before balancing next year. Turning to next year, an improved global economic backdrop bodes well for most commodity prices.

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