Via an overnight note on crude, UBS:
- A combination of factors-a risk-off environment, a stronger US dollar, concerns about stalling oil demand-has pushed Brent prices to a two-month low
- We still see oil demand moving higher from here over the coming months. Also, OPEC+ compliance is higher than we thought, and at current prices we don't expect US crude production to grow
- With the oil market staying undersupplied, we reiterate our positive price outlook
Amongst the forecasts from UBS are a December 2020 Brent: USD45/bbl
