Oil prices are likely to remain under pressure in the short term – ANZ

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Strategists at ANZ Bank have lowered their Brent Oil short term forecast. Nevertheless, they expect oil prices to recover by year-end.

“With so much uncertainty surrounding the macro environment, the lack of any strong signals from the physical market is likely to see oil prices remain under pressure. We have subsequently revised down our short term (0-3 month) price target for Brent to $82/bbl. In saying that, any tightness in the oil market will be reliant on activity in China.”

“We remain confident that growth in oil demand in China will offset any weakness in developed markets. As supply cuts from OPEC bite, and growth from other major producers peters out, we see market tightness emerging in Q3. This should see prices rally in the second half of the year. We maintain our end of year target of $100/bbl.”

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