Commerzbank on oil, looking for a range in the near term and then down:
- expect that the price of Brent oil will continue to fluctuate between $100 and 115 per barrel in the current quarter
- then falling in the H2 of this year
By year-end Commerz are looking for:
- Brent should be trading at $95
- based on the assumption that there will be an EU oil embargo on Russian oil. This would increase demand for non-Russian oil, which would also have a price-increasing effect and thus justify a somewhat higher oil price level in the second half of the year than we have expected so far
