The year-to-date rise in oil prices comes amid rising tensions in the Middle East, drone attacks against Russian refineries, and expectations that OPEC+ will maintain its production cuts at least until June.
In March, Morgan Stanley strategist Martijn Rats raised his Brent crude price forecast by $10 per barrel to $90 by the third quarter of this year given "tighter supply/demand balances." Still, Kaneva and the team at JPMorgan expect to see Brent prices trade near current levels into the second half of this year.
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