Brent Crude Oil has fallen swiftly over recent weeks. Notwithstanding, strategists at UBS continue to see a tight oil market and retain our positive price outlook.

Oil looks set to recover after recent slide

“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.”

“Our $125/bbl Brent forecast through mid-2023 also supports our preference for energy stocks.”