(Investing) – Brent crude prices are expected to drop to the low-to-mid-$60 per barrel range in the near term as traders eye an expected uptick in OPEC+ production and a seasonal slowdown in fuel demand, according to analysts at UBS. In a note to clients, the brokerage predicted that oil markets will see a “larger surplus” after the key summer travel
(Investing) – Crude prices have traded lower Friday, on course for a negative week, as demand concerns and a stronger US dollar weighed on investor sentiment. But UBS cuts its 2025 Brent forecast, but sees room to recover from current levels. By 07:20 ET (11:20 GMT), the U.S. crude futures (WTI) dropped 1% to $68.03 a barrel, while the Brent contract fell 0.9% to
BOE Report UBS cut its oil price forecasts for 2024, citing a weaker global demand outlook especially driven by a slowing Chinese economy. It lowered its price view for both Brent and WTI by $4 to $80 per barrel and $76 per barrel respectively. “The key downside risks would be a recession, which would in turn raise the risk of
Yahoo Finance If producer group OPEC+ doesn’t reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries, Citi said in a note on Wednesday. Citi said that while a technical rebound was possible, the market could lose confidence in OPEC+ defending the $70/bbl level
CNBC The 60 largest commercial and investment banks have collectively financed $3.8 trillion in fossil fuel companies between 2016 and 2020, the five years since the Paris Agreement was signed, according to a report published in March from a collection of climate organizations titled Banking on Climate Chaos 2021. But that number is not the full story: Some banks have been increasing their business with
Reuters LONDON (Reuters) – A group of 30 asset managers with more than $9 trillion under management launched the Net Zero Asset Managers Initiative on Friday to help clients ensure their portfolios are carbon neutral by 2050. The group, which includes Schroders and UBS Asset Management, said it would prioritise securing real reductions in emissions at the companies in which
Reuters LONDON/QUITO – European banks committed to backing action on climate change face allegations of double standards from indigenous groups in Ecuador after a report named them as major players in the trade in oil from the Amazon rainforest. Stand.earth and Amazon Watch said ING, Credit Suisse, Natixis, BNP Paribas, UBS and Rabobank were the largest backers in the shipment
Reuters UBS raised its forecasts on Thursday for the price of Brent crude this year, citing expectations of an undersupplied oil market as demand starts to pick up on the back of a recovering global economy. “Supply is being curbed by OPEC+ voluntary production cuts and due to massive cuts in non-OPEC oil companies’ capital expenditures,” the bank said, as
Reuters UBS expects a pick-up in oil demand as virus-hit economies relax lockdowns and travel restrictions ease this month, with production to be subdued on the backdrop of current low prices and aggressive capital spending cuts by oil and gas producers. “We therefore expect the oil market to be balanced in third quarter and undersupplied in fourth quarter, and Brent
Reuters LONDON – Switzerland’s UBS (UBSG.S) said the value of its ‘sustainable’ investments rose by more than 50% to nearly $500 billion in 2019, while lending to the energy and utilities sectors fell by 40% as it tightened its rules. UBS, which has assets of more than 3.6 trillion Swiss francs ($3.76 trillion) and invests for some of the world’s
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