RBC Capital Markets raises its 2019 Brent crude forecast to $75 a barrel and warns of intermittent bouts of $80 oil.
International oil prices will average $75 a barrel in 2019, and consumers may find themselves contending with bouts of $80 crude this summer, RBC Capital Markets says.
"We see price risk asymmetrically skewed to the upside spurred by geopolitically infused rallies that could shoot prices toward or even beyond our high-end, bull-case scenario and test the $80/bbl mark for intermittent periods this summer," RBC strategists Michael Tran, Helima Croft and Christopher Louney said in a research note.While Brent and WTI have rallied 32% and 40.5%, respectively, this year, the oil trade is not as crowded as it was last year. There are currently about 4.
RBC expects the 14-nation OPEC producer group to extend its deal to cap output and boost oil prices, keeping the cost of crude near the $75-$80 range many nations need to balance their budgets.
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