Morgan Stanley has changed the oil price forecast for Brent and WTI benchmarks for the next year, because the supply of “black gold” is still above the market expectations.
Experts believe that since the fourth quarter of 2018 till the third quarter of 2019, Brent will be kept at the level of 77.5 US dollars per barrel. In the previous consensus forecast, there was a figure of 85 USD per barrel. The forecast for October-December of the year 2019 has dropped to $ 80 per barrel from $ 87.5.
The forecast for the corresponding periods for WTI also has decreased to 68.5 dollars from 70 US dollars and to 71 dollars from 80 US dollars per barrel.
Analysts believe that only fantasy enthusiasts are waiting for the market growth since deliveries from the States, OPEC countries, Russia and Libya are much higher than expected. Experts talk more about a balanced market than about the possibility of reducing supplies. Hopes of “bulls” can only be associated with the actions of OPEC.
December contracts for Brent have slipped by 0.3% – to $ 72.9. WTI contracts for December have decreased by 0.2% – to $ 62.9 per barrel.
The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade