UBS has cut the year-end Brent oil forecast by 10$/bbl to 95$/bbl due to greater than expected supply including from Russia. Despite the lower forecast, crude is still expected to rebound from current levels.

They see recession fears keeping investors sidelined with the oil market likely to be undersupplied by approximately 1.5m b/d in June.
The driving season in the US and demand from the Middle East for power generation is expected to boost consumption.

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They see recession fears keeping investors sidelined with the oil market likely to be undersupplied by approximately 1.5m b/d in June.
The driving season in the US and demand from the Middle East for power generation is expected to boost consumption.

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UBS Cut Year End Brent Forecast to 95$/bbl