Societe Generale analysts revised up their forecasts on oil in a note today
- Brent price revised up by $4 to $66 per barrel
- Supported by strong macroeconomic and product demand growth
- Continued OPEC output cuts expected for this year also validates forecast
They also note that the production cuts will offset very strong non-OPEC growth, which is led by the US and that "the result will be a broadly balanced global market, with moderate OECD stockdraws and moderate non-OECD stockbuilds".
The revision here goes in hand with the consensus in Wall St in anticipating higher oil prices for the year compared to what they forecasted at the end of last year.
