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Morgan Stanley Sees Brent Hitting $100 by Third Quarter

  • Bank previously forecast Brent prices would reach $90
  • Sees oil demand erosion once Brent nears triple digits
Updated on

Add Morgan Stanley to the list of banks expecting crude to reach $100 a barrel later this year.  

The bank expects stockpiles to slide even lower by the end of the year, after falling substantially in 2021, according to a research note to clients. Spare supply capacity will shrink to 2 million barrels a day from the current 3.4 million. Investment to boost supply capacity in the oil industry is expected to shrivel 30% by the end of this decade as green initiatives progress.