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"OPEC Cuts Bullish Short-Term": Morgan Stanley


Deep OPEC production cuts and strong product demand are supportive of tighter balances and stronger prices in the second half of the year according to a Morgan Stanley client note.

  • “Inventory draws have recently come through in a convincing fashion, and we expect the crude market to remain in deficit” the report said.
  • “Whilst OPEC cuts are bullish in the short term, this weighs on oil prices further down the forward curve. In the end, this also constrains how far front-month prices can rally” it added.

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