Morgan Stanley is banking on higher summer oil prices to extend into the fall. A combination of stronger demand and supply cuts pushed crude oil prices higher in the second half of the summer after showing encouraging signs of lower prices.
which includes Russia and other nations included in the Organization of the Petroleum Exporting Countries, most recently announced an additional supply cut last month equating to about 1.16 million barrels per day. On Tuesday, oil prices notched their highest level since November 2022, according to FactSet data. Morgan Stanley says the U.S. energy sector is trading at a roughly 50% discount compared to the broader market, when judged by enterprise multiple's of some firms.
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