The Strategist

Morgan Stanley lowers oil prices forecast for 2019 due to high stocks


11/06/2018 - 14:28



Analysts at Morgan Stanley lowered the forecast for oil prices for reference brands for 2019, as supplies continue to be higher than expected volumes.



pixabay
pixabay
Now, the analysts expect that Brent oil will cost an average of $ 77.5 per barrel from the fourth quarter of this year to the end of the third quarter of 2019 compared to the previously estimated $ 85 per barrel. In October-December of the next year, the price will be around $ 80 per barrel against $ 87, 5 per barrel.

For WTI, the first forecast was lowered to $ 68.5 per barrel compared to $ 70 per barrel, the second - to $ 71 per barrel from $ 80.5 per barrel.

“The bull scenario for oil looks more fragile”, given that shipments from the United States, OPEC countries of the Middle East, Russia and Libya exceed expectations, the bank said. Analysts predict a balanced market rather than supply tensions and are still counting on market support from OPEC, Bloomberg reported.

December futures for Brent on the London Stock Exchange ICE Futures fell $ 0.2 (0.29%) - up to $ 72.96 per barrel. WTI futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) by this time decreased by $ 0.13 (0.21%) - to $ 62.97 per barrel.

source: bloomberg.com




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