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OIL: Brent Expected Above $80/bbl Amid Modest Supply Growth: UBS

OIL
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Modest supply growth is “keeping the oil market in deficit,” despite market focus on slowing economic activity, according to UBS cited by Bloomberg.

  • “With inventories set to keep falling, we expect Brent to move back above $80/bbl.”
  • US crude supply growth is slowing and Brazil’s output in 2024 has been “notably weak.”
  • Lower crude prices will keep US output subdued next year, but supply will be supported by efficiency gains and falling inflation pressure.
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Modest supply growth is “keeping the oil market in deficit,” despite market focus on slowing economic activity, according to UBS cited by Bloomberg.

  • “With inventories set to keep falling, we expect Brent to move back above $80/bbl.”
  • US crude supply growth is slowing and Brazil’s output in 2024 has been “notably weak.”
  • Lower crude prices will keep US output subdued next year, but supply will be supported by efficiency gains and falling inflation pressure.