ANZ comments and forecast on oil via Reuters report:
-
“we expect OPEC’s supply policy to remain sensitive to (oil)
market fundamentals” - “if demand
fails to grow as they expect, they are likely to delay the phasing
out of the group of eight’s voluntary 2.2mb/d cuts” for oil - “the likelihood
of (oil) prices pushing above $100/bbl for a sustained period has
diminished greatly” - “we maintain
our 12-month (oil) price target of $95/bbl” - “combination of
improving market fundamentals, elevated geopolitical risks and a more
positive economic backdrop should lift the Brent crude oil price
above USD85/bbl, a level it has failed to breach over the past six
weeks “ - “the prospect
of even further tightness in the (oil) market should see a drawdown
in inventories during the second half of the year “
Earlier forecast via Citi:
- Citi sees a meaningful surplus of oil ahead, Brent to as low as USD55 /bbl
This article was written by Eamonn Sheridan at www.forexlive.com.
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