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UBS See Oil Tightness Supporting $90/bbl Short Term

OIL

OPEC exports are down this month on already weak levels in June helping to tighten markets according at a UBS note.

  • “Lower OPEC+ crude exports should help tighten the oil market and lift prices to $90/bbl over the coming weeks,” the bank said.
  • “Oil demand concerns remain, driven by weak Chinese economic data, but we believe this is offset by strength elsewhere and demand is generally healthy” the note added.

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