Brent oil 2018 forecast raised higher to $66/ barrel - SG

In the latest research note published today, analysts at Societe Generale (SG) made an upward revision to their forecasts on Brent oil.

Key Highlights:

Brent price revised up by $4 to $66 per barrel.

Supported by strong macroeconomic and product demand growth.

Continued OPEC output cuts expected for this year also validates forecast.

The production cuts will offset very strong non-OPEC growth, which is led by the US and that "the result will be a broadly balanced global market, with moderate OECD stockdraws and moderate non-OECD stockbuilds".