Given the details from the provided documents, the following bullet points are extracted to inform the oil price prediction: 1. **Current Price Levels:** As of the latest data, WTI Crude is trading at $86.91 per barrel and Brent Crude at $91.17 per barrel. 2. **Past Trends and Predictions:** - Goldman Sachs revised its oil price forecast for 2024 to between $70 and $90 per barrel for Brent, citing higher U.S. production. - Citigroup predicts an average 2024 oil price of $75, highlighting slower demand growth and higher U.S. output as reasons. - Top U.S. banks have a median Brent price expectation of $85 for 2024 without major supply disruptions. 3. **Market Outlook and Dynamics:** - Supply outpaced demand in the past despite robust demand, contributing to softer oil prices. - The global oil market for 2024 appears largely bearish, but increased demand from Asia could lead to higher prices. - OPEC expects demand to expand by 2.2 million barrels daily next year, contrasting with the International Energy Agency's forecast of a 1.1 million bpd growth rate. 4. **Geopolitical Factors:** - Tensions and uncertainties, such as the potential impact of Middle East conflicts and relations between major powers like the U.S. and China, can significantly influence oil prices. 5. **Investor and Market Opinions:** - Some analysts highlight the potential for softer markets than expected in 2024 due to ample supply and voluntary OPEC+ output cuts that may not deeply impact the market. 6. **Technological and Environmental Considerations:** - Investment in carbon capture and other technologies could influence the oil market's landscape over time, especially as they are supported by sovereign-backed companies. Based on the points above, the prediction for oil prices by the end of 2024 must consider current price trends, production forecasts, market sentiment, and geopolitical risks that could influence supply and demand dynamics. Furthermore, recent history shows significant volatility in oil prices due to unforeseen geopolitical events and rapid changes in demand due to global economic conditions. ***Logic and Rationale:*** The rationale for this forecast considers the balance between supply and demand, the impact of geopolitical tensions, technological advancements in the energy sector, and the global economic outlook, which includes potential shifts towards renewable energy and the impact of environmental policies. Given the mixed signals from market analysts, the diverging forecasts, and the complex interplay of factors affecting oil prices, a cautious approach is taken in making a prediction. Taking all these into account, the forecast for oil prices by the end of the 2024 calendar year takes a conservative stance within the range provided by major analysts, factoring in potential geopolitical risks, technological advancements, and market dynamics that could push prices in either direction. **Forecast:** The price of oil by the end of the 2024 calendar year will be $85 USD per barrel.