The news ICYMI:
Goldman Sachs response, analysts there have a $95 forecast for December this year:
ANZ:
- says the potential for a sharp oil price rally has risen sharply
- analysts at the bank are maintaining their year-end target of $100 a barrel for Brent
- add that gains in price may be limited in the short term until there are signs of tightening in the physical market
RBC:
- say thatt Saudi Arabia has a track record of delivering on material cuts and that RBC therefore expect the full 1 million bpd unilateral cut to hit the market in July, “nearly doubling the true physical reduction we have seen from the producer group since October.”
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Oil price update: