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Brent Forecast Raised to $90/bbl by Q3 on Tighter Balance: Morgan Stanley

OIL

Tightening supply-demand balances are forecast to drive the Brent crude price to $90/bbl by Q3, an increase from the previous forecast of $10/bbl, according to Morgan Stanley.

  • Oil demand is set to grow slightly above historical trends by about 1.5mb/d this year.
  • Demand growth is driven by jet fuel and petrochemical demand and regionally by India and China.
  • A steady rally in time spreads since start of the year and supportive refining margins suggest a degree of market tightness.

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