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A round-up of a few outlooks and price forecasts for oil

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Oil is not doing a lot here during the Asia session, not much happening across the forex space either. 

A few comments and forecasts from around the place.

CBA (via Reuters):

  • We continue to see oil prices tracking higher in H2 2021 as oil demand growth outpaces supply growth
  • projection for Brent is to $85 by Q4

An ANZ note:

  • With demand holding up, the market is starting to sense the 400kb/d increase in OPEC+ will not be enough to keep the market balanced. Inventories continue to fall, both in the U.S. and across the OECD

Barclays note:

  • sees prices higher by $3 to $5/bbl for the remainder of 2021, to as high as $100 thoug if OPEC+ is too slow in bringing back supplies
  • citing faster-than-expected normalisation in OECD inventories
  • drops 2022 forecast by $3/bbl for 2022 citing their expected larger surplus

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