Morgan Stanley hikes Q3 outlook to $94 on geopolitical tensions as Brent hovers over $90/bbl
Also Read: Oil traders stay bullish as Brent hovers at $90: ‘Crude to stay elevated even if Middle East tensions cool down’ The elevation in crude prices also comes as OPEC, the group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, last kept its oil supply policy unchanged and pressed some countries to increase compliance with output cuts. Morgan Stanley said that with OPEC supply restraints, some downside to Russia production, and a seasonal upswing in demand ahead, it expects tightness in the second and third quarters.
Ukrainian strikes on Russian refineries may have disrupted more than 15 per cent of Russian capacity, said a NATO official earlier this month. Milestone Alert!
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