UBS bullish oil - forecast Brent crude toward $100 / barrel, potential for $110 ...Middle East

Brent crude has dropped under USD 80 / bbl for the first time since prior to the Hamas terrorist attacks on Israel.UBS remain positive on oil, expecting it to move back between USD 90 and 100. In summary from their note:still rising global demandstill tight suppliesUS Energy Information Administration expects domestic petroleum consumption to fall by 300,000 barrels per day in 2023elsewhere ... positive demand signs ... China has stepped up stimulus measures, stronger growth likely to boost energy demand ... oil consumption in India is also rising ... OPEC forecasts demand to grow by more than 2 million barrels per day in 2024 ... International Energy Agency is forecasting growth of 800,000

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