Morgan Stanley raised its Brent crude oil price forecast for Q2 to $92 /barrel (from $87.50)
- for Q3 of 2024 to $94 / barrel (from $90)
Citing geopolitical risk, and supply & demand issues:
- "That the degree of geopolitical risk in key oil producing regions has increased recently seems clear and uncontroversial,"
On supply being trimmed:
- OPEC+ last week kept its oil supply policy unchanged and advised some countries to increase compliance with output cuts
And:
- some downside to Russia production (Ukrainian strikes on Russian refineries may have disrupted more than 15% of Russian capacity)
- a seasonal upswing in demand ahead
- fading hope on Israel / Hamas ceasefire
Info via Reuters
