Brent Oil to trend higher towards $130 by end-September – UBS

Crude prices have remained elevated in June. Strategists at UBS expect crude prices to remain well-supported and have lifted their forecasts.

Oil prices set to remain high for longer

“Demand for crude from China, the world’s largest importer, looks set to recover gradually.”

“A global pickup in travel is providing additional support for crude.”

“Crude supplies are likely to remain tight amid limited spare capacity among producers.”

“We have lifted our forecasts for Brent to $130/bbl by end-September, and to $125/bbl for the subsequent three quarters, up from our previous forecast of $115/bbl over this period.”