The oil market looks undersupplied despite concerns over weak Chinese demand growth and prospects that Libyan oil production will soon be restored, according to UBS strategists. Based on falling oil inventories, strong demand growth in India and some European countries, as well as disappointing supply growth from some non-OPEC+ nations, market participants currently seem too pessimistic, the bank says. "While prices are likely to stay volatile in the near term, we retain a positive outlook and expect prices to recover from current levels over the coming months," the strategists say in a note to clients. UBS expects Brent crude to move back above $80 a barrel over the coming months. The international oil benchmark currently trades 0.5% lower at $73.35 a barrel, while WTI is down 0.6% to $69.92 a barrel.
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