The Globe and Mail reports in its Wednesday 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 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 Ovintiv to $50 (U.S.) from $53 (U.S.), while maintaining a "sector outperform" recommendation. Analysts on average target the shares at $58.52 (U.S.). The Globe reported on June 9, 2022, that Scotia Capital continued to rate Ovintiv "sector outperform." The shares could then be had for $76.01 (Canadian). The Globe reported on Dec. 12 that Citi analyst Scott Gruber had reaffirmed his "buy" recommendation for Ovintiv when it was worth $40.83 (U.S.).