Brent Oil to surge higher towards $125 by year-end – UBS Oil Brent Banks
price –which has shaved 23% off Brent crude since the mid-June peak – is not justified by market fundamentals. Here are three reasons that highlights upside for oil.“Oil demand will be bolstered globally by its increasing use to generate electricity, reflecting the rising price or reduced availability of gas and coal.”
“Global oil supplies look set to come under pressure later in the year. This is partly due to an end to sales of strategic oil reserves from OECD countries. In addition, Europe’s decision to stop imports of close to 3 million barrels a day of Russian oil will only fully take effect close to the cut-off point in December and February . Also, efforts to bring more Iranian oil to the global markets are still in the balance.
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