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UBS Maintain Year End Brent Forecast at 95$/bbl

OIL

UBS maintains a year-end Brent price target of 95$/bbl and sees crude trading in a range of 90$/bbl to 100$/bbl in the months ahead.

  • OPEC+ production cuts led by Saudi Arabia are “bearing fruit” by lowering inventories and supporting prices.
  • The backwardated price structure is also drawing investors to oil.
  • Last month UBS stated no expectation for a sustained move above 100$/bbl over next 12 months as that would likely lead to US supply growth and hurt demand growth in 2024.

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