Crude prices rose for the eighth consecutive week last week amid continuing tensions over Ukraine. Oil is one of the most preferred assets in the global strategy of analysts at UBS who expect Brent Oil to reach the $100 level by year-end.

Oil to turn lower in the near-term on de-escalation of the crisis

“A further escalation could push up crude prices, particularly in the event of any supply disruption.”

“Any progress toward a peaceful resolution could lead to a near-term setback in prices toward the bottom of our expected range at $90/bbl.”

“Regardless of the situation in Ukraine, we think the outlook for oil remains positive, with prices likely to be supported by a fundamental imbalance in the global energy market.”

“We maintain our view that oil prices will continue to rise in the coming year and into 2023. We recently raised our Brent crude price forecasts to $95/bbl by June and $100/bbl by December.”