Brent seen at $70/bbl forecast in 2019 - Barclays

In its latest client note, the Barclays Research Team maintained the Brent price-forecast for 2019 at $70/bbl.

Key Quotes:

“Brent seen at $70/bbl forecast in 2019

OPEC wants higher prices.

Large supply surplus from 4Q 2018 may still drive inventories higher in H1 of 2019.

Market currently focused on global macroeconomic conditions, Trump's tweets, US policy and publicly-reported U.S. E&P industry data -- factors could set too bearish sentiment.

Global macro conditions aside, oil demand seems to be holding up.”