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Morgan Stanley cuts oil price forecast

johnNjohnN
in The Bullpen
https://seekingalpha.com/news/3475570-morgan-stanley-cuts-oil-price-forecast

Morgan Stanley cuts oil price forecast
Jul. 2, 2019 6:04 PM ETThe United States Oil ETF, LP (USO)By: Jason Aycock, SA News Editor27 Comments

With decisions in the books for OPEC Plus, Morgan Stanley has trimmed its long-term forecast for oil prices.
The firm cut its long-term Brent forecast to $60/barrel from $65/bbl, and is keeping its near-term forecast at $65/bbl, with accelerating summer demand feeding a temporary Q3 deficit.
But demand growth is expected to slow in the medium term, it says, and it's looking to the '80s for lessons: “History is very consistent on the eventual outcome: When OPEC loses market share over a sustained period, oil prices rarely go up."
Brent Crude is down 3.6% to $62.74; WTI price is $56.25/bbl.
A new approved charter set up long-term cooperation between OPEC and nonmember nations, and Iran stopped a holdout as the group agreed to extend production cuts into March 2020.
ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, NRGD, NRGO, NRGU, NRGZ, OILD, OILU, USAI, YGRN
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