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Friday, June 09, 2023 8:7 GMT
Despite the modest market reaction to the Saudi-led oil production curbs, UBS said the kingdom's decision to slash output should further support prices into the second half of 2023. Global wealth manager UBS has forecast that Brent crude will reach US$95 a barrel by the end of 2023. "We keep oil as most preferred and forecast Brent crude at US$95 a barrel by end-2023, up from US$77.90/bbl at present," Mark Haefele, Global Wealth Management CIO at UBS said. "We like longer-dated oil contracts...More