Oil headed to $60 in 2024?

Oil has tendency to fall by more than 70% from the top of the bull run. After topping out at $138, after many production cuts and effort to arrest fall in price by OPEC+ Oil continues to show weakness. Total Oil demand for year 2024 is expected to be 104.4 mb/d whereas supply of Non-OPEC Supply is expected to be around 74.5 mb/d leaving only 29.9 mb/d supply from OPEC+ group. Lower demand from bigger economies, expectations of falling Oil price and shift to alternate fuel will further pull-down Oil prices in 2024, possibly to $60 by end of year. It will be important to see till what time OPEC+ members agree to allocated quota of production. ?Currently Oil is trading at $76.32/barrel and next support is $73.12/barrel (50 month moving average). Next Support $71.57/barrel, $65.65/barrel (100 months moving average). Breaching that will lead to Oil dropping to $60/barrel.