Oil: Limited further upside this year - NAB

Analysts at NAB note that the oil prices have continued to rise, with Brent reaching US$70/bbl for the first time since November last year.

Key Quotes

“Geopolitical dramas in Libya and Algeria, the wheels continuing to fall off in Venezuela, as well as OPEC-Russia output cuts continue to affect sentiment.”

“Our outlook for the oil market is for only limited further upside for prices this year. While geopolitical risks could push prices higher, as could a favourable result on US-China trade negotiations, US supply remains strong and global growth concerns are mounting.”