Morgan Stanley sees Brent at $70/bbl in third quarter on improving market

FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base

“The stars have aligned for the oil market even faster than expected,” the bank said in a note on Monday. Inventories drawing fast, time spreads becoming deeply backwardated and stronger physical differentials in the North Sea market are signaling at an improved market, the bank said. The bank also raised its outlook for Brent prices in the second quarter to $65 per barrel from $55, and hiked its fourth-quarter forecast to $65 from $60.

We need oil prices at 30 per barrel till 2025

Enjoy it well it lasts as far manufacturers go green oil will be nothing

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