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ANZ forecast for Brent crude oil to USD95/bbl (12 month horizon)

ANZ comments and forecast on oil via Reuters report:

“we expect OPEC’s supply policy to remain sensitive to (oil)
market fundamentals””if demand
fails to grow as they expect, they are likely to delay the phasing
out of the group of eight’s voluntary 2.2mb/d cuts” for oil”the likelihood
of (oil) prices pushing above $100/bbl for a sustained period has
diminished greatly””we maintain
our 12-month (oil) price target of $95/bbl””combination of
improving market fundamentals, elevated geopolitical risks and a more
positive economic backdrop should lift the Brent crude oil price
above USD85/bbl, a level it has failed to breach over the past six
weeks “”the prospect
of even further tightness in the (oil) market should see a drawdown
in inventories during the second half of the year “

Earlier forecast via Citi:

Citi sees a meaningful surplus of oil ahead, Brent to as low as USD55 /bbl

This article was written by Eamonn Sheridan at www.forexlive.com.

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