The Globe and Mail reports in its Wednesday, Jan. 17, edition that Scotia Capital analysts expect the global oil market to "face near-term pressures from a supply and demand perspective" in the first quarter of 2024. The Globe's David Leeder writes in the Eye On Equities column that the analysts say in a note: "We think macro picture will begin to improve by 2Q and reach the high end in 3Q24 before moderating in 4Q24. Thus, macro headwinds construe near-term risk to the downside in 1H24 with S&D tailwinds increasing upside risks in the second half of the year. Longer-term, we continue to forecast relatively flat demand growth for OECD countries and expect China's growth rate to face a noteworthy slowdown." After reducing its oil price assumptions for 2024 and 2025, Scotia Capital lowered its share target for Cenovus Energy to $28 from $31, while maintaining a "sector outperform" recommendation. Analysts on average target the shares at $30.91. The Globe reported on Sept. 7 that Scotia Capital analyst Jason Bouvier had elevated his recommendation for Cenovus Energy to "sector outperform" from "sector perform." The shares could then be had for $27.86.