ANZ Says Ongoing Russia-Ukraine War Disruptions To Keep Crude Above $60/BBL

Dec 4 (Reuters) - ANZ:

• SAYS FEARS OF ONGOING DISRUPTIONS FROM RUSSIA AND UKRAINE CONTINUING TO ATTACK EACH OTHER’S ENERGY INFRASTRUCTURE WOULD ULTIMATELY KEEP BRENT CRUDE ABOVE $60/BBL

• SAYS FURTHER UPSIDE IN BRENT PRICES WOULD BE LIMITED AS SUPPLY OUTPACES DEMAND IN 2026, PUSHING THE OIL MARKET INTO SURPLUS

• EXPECT LOWER REFINERY RUN RATES COUPLED WITH INCREASES IN OPEC+ OUTPUT WOULD SEE GLOBAL CRUDE OIL INVENTORIES BUILD, LIKELY TO KEEP OIL PRICES BELOW $65/BBL IN 1H 2026

• SAYS REVIVAL IN GLOBAL ECONOMY WOULD LIKELY SUPPORT OIL PRICES IN SECOND HALF OF 2026, WITH PRICES SUBSEQUENTLY MOVING TOWARDS $70/BBL

• EXPECT OIL PRICES TO END 2025 AT $62/BBL

• EXPECT ANY HIT TO RUSSIAN OIL EXPORTS TO BE RELATIVELY SHORT LIVED CAPPING ANY FURTHER UPSIDE TO OIL PRICES