UBS has revised its oil price forecast downward - now its analysts expect that at the end of the year quotations will be below $100 per barrel. The new estimate for this period is $95 per barrel, the previous estimate was $105, according to profinance.ru.
According to the bank, prices will not reach $100 because supplies from Russia have been higher than expected. Moreover, the threat of recession and the prospect of lower demand for oil makes investors cautious.
Nevertheless, the bank believes that oil will rise in price against the current level. According to experts, the global market may face a deficit of around $1.5m bpd in June. This will happen against the backdrop of seasonal growth in consumption - the car season will start in the United States, and in the Middle Eastern countries, where air-conditioners are usually used intensively in summer, the consumption of electricity will increase.