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:
