- Analytics
- News and Tools
- Market News
- Scope for Oil prices to rally – UBS
Scope for Oil prices to rally – UBS
Brent Crude prices stand at around $85/bbl, about 3% below the year-to-date highs reached on 9 August. Oil price declines mask improving fundamentals, economists at UBS report.
Brent to hit $95 and the WTI to rise to $91 by end-December
We do not expect recent price falls to persist, in light of the oil market’s firming fundamentals: We expect global oil demand to hit a record high in August. Oil inventories are declining, tightening the market. OPEC+ production is near a two-year low and supply looks set to stay tight.
So, we still see scope for global Oil prices to rally. We now expect Brent to hit $95/bbl and the US WTI benchmark to rise to $91/bbl by end-December.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
