UBS is forecasting Brent crude oil to $125 by the end of this year

UBS citing ongoing tightness in supply globally for their view of rising oil prices in this back half of the year.

We continue to believe that the recent decline in oil prices does not fully account for constraints on global supply, and we expect the price to rebound to $125 a barrel by the end of the year

UBS add that they see the $125 level being maintained into the middle of 2023. And also say the higher price is supportive of energy stocks.

brent oil chart 19 August 2022
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