Morgan Stanley sees tighter oil market, raises Brent forecast

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Morgan Stanley on Tuesday raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply.

FILE PHOTO: Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Song - RC114DB58B20/File Photo

“We expect demand to rebound to about 97 million barrels per day by Q4 as economies come out of lockdown - a significant improvement although still down about 4 million bpd year-on-year,” the bank said. The OPEC and producers including Russia, a group known as OPEC+, agreed last month to cut their combined output by almost 10 million bpd in May-June to support prices at a time when pandemic quarantines have slashed fuel demand.

The bank, however, said the recent rebalancing was mostly supply rather than demand-driven with the rise in crude prices compressing refining margins even further and inventories of oil products rising fast relative to crude oil stocks.

 

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Morgan Stanley sees tighter oil market, raises Brent forecastMorgan Stanley on Tuesday raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply. what about gold ericnuttall
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