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- Brent Oil to trade above $70 by year-end – Deutsche Bank
Brent Oil to trade above $70 by year-end – Deutsche Bank
FXStreet reports that strategists at Deutsche Bank discusses Brent Oil prospects.
“We remain constructive and expect prices to firm further, to above Brent $70/bbl by the end of the year. This view assumes that OPEC+ supply discipline remains intact in the face of still depressed demand in the US (down 6% YoY) and Europe (down 20%).”
“The recent strength in crude oil prices is principally a result of the slower-than-planned rollback of OPEC+ supply discipline, along with additional unilateral cuts by Saudi Arabia for the Feb-Apr period. We think the risk of a disorderly OPEC+ breakup is small, as Russian cooperation is elicited through exceptions allowing only Russia and Kazakhstan to reintroduce supply.”
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