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UBS Highlights Factors Supporting $90-100/bbl Brent

OIL

UBS expects Brent prices to move back towards the $90-100/bbl range on tight supplies and rising global demand – despite the recent price drop.

  • The analysts flagged global consumption remaining well supported and disciplined key producers.
  • It added that the risk of disruption from Middle East escalations have not gone away - "The clearest threat is to Iranian output. Should Iranian crude exports fall by around 300,000–500,000 barrels per day, this could further constrain the already undersupplied market, potentially pushing Brent prices up to $100–110 per barrel," UBS said.
  • UBS analysts expect Saudi/Russia voluntary cuts to extend into Q1 next year.
Energy BulletsCommodities
Energy BulletsCommodities

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