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Brent Crude to Trade Around $90-100/bbl Over Next 12 Months: UBS

OIL

Fundamentals will be key in driving oil prices, as the effect of the Israel-Hamas war on crude is starting to wane, with Brent crude oil to trade around $90-100/bbl over the next 12 months, UBS said in a note, cited by Dow Jones.

  • "Oil prices rose modestly on the outbreak of war between Israel and Hamas, driven by concerns that the war may spill over into a broader regional conflict that leads to supply disruptions," UBS says in a note.
  • "But the rally's strength has ebbed, as there has been no disruption to oil supplies," the bank said.
  • Oil supply shortage concerns are likely to drive prices as OPEC's voluntary production cuts currently providing support to markets, the bank added.
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