According to Jinshi, Fitch's research arm BMI maintains its current forecast of an average Brent crude oil price of US$85/barrel in 2024, but lowered its forecast for 2025 to US$82/barrel from the previous US$84/barrel. BMI emphasized that the macroeconomic background remains challenging and global oil demand has faced downward pressure in recent quarters. However, there are signs that economic momentum has begun to strengthen, coupled with expectations of interest rate cuts later this year, Brent oil prices are supported. However, BMI's outlook for Brent oil will change from neutral bullish to neutral bearish starting in 2025 due to a new supply wave in the Americas and the partial unwinding of OPEC+ production cuts. BMI expects crude oil supply to gradually increase in the second half of 2024 and accelerate into 2025.