ANZ Brent forecast at $95/bbl (12-month horizon)

ANZ oil comments and forecasts via Reuters report:

• “We expect OPEC supply policy to remain sensitive to (oil) market fundamentals”

• “if demand doesn’t pick up as they expect, the phasing out of the group of eight voluntary cuts of 2.2MB/d” for oil may be delayed
• “the likelihood of (oil) prices exceeding $100/bbl for a sustained period has dropped considerably”
• “we maintain our 12-month (oil) price target of $95/bbl”
• “The combination of improving market fundamentals, heightened geopolitical risks and a more positive economic context should push Brent crude above $85/bbl, a level it has not breached in the past six weeks.”
• “the prospect of further tightening in the (oil) market should see inventories draw down in the second half of the year”

Previous forecast by Citi: