UBS sees oil climbing to US$70-US$75



SINGAPORE: UBS sees oil climbing to US$70 to US$75 on better-than-expected demand growth seen at 1.2 million barrels per day, or slightly better this year, compared to consensus of one million to 1.1 million barrels a day, Wayne Gordon, executive director for commodities and foreign exchange says in interview in Singapore.

 * Oil will increase to US$70-US$75 in next three months.
* Price could surge to US$90 bbl if situation in the Middle East deteriorates into military conflict

 * Brent oil trading near $64/bbl in London

 * UBS estimates Iran’s 2Q oil exports dropped to 500k b/d

 * US-China trade concerns and a reduction by the IMF to its global growth outlook weigh on prices; interest rate cuts by the Fed will boost oil.

 *  Bank’s preferred commodities include oil, gold, nickel,aluminium, copper. - Bloomberg




Link : https://www.thestar.com.my/business/business-news/2019/07/24/ubs-sees-oil-climbing-to-us$70-us$75/

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