Economists at Morgan Stanley discuss the Oil market outlook.
There is still likely a period ahead when global GDP growth re-accelerates and the impact of little investment in new production capacity should start to bite. However, the cyclical and the structural outlook do not always align.
Over the next six months, we see Oil prices broadly stable at about $75 to $80 a barrel for Brent. What market participants find right in front of them is neutral rather than constructive.