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