No change in the bank's forecast for brent
- $70/bbl forecast in 2019
Citing:
- 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, U.S. 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
