Our base case is that the Oil price will not move past $100 a barrel on a sustained basis over the next 12 months, since that would likely result in step up in production from US Oil producers as well as weaken demand growth next year.

But, we do believe strong fundamentals will support Brent around current levels, within a range of $90-100/bbl over the coming months.

We retain our year-end target of $95/bbl.