Fitch upgrades its global oil and gas industry outlook to “Improving,” and expects Brent crude oil prices to remain at $100–110 in the short term

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Mars Finance News, June 8th, Fitch Ratings upgraded the global oil and gas industry outlook from the previous level to "Improving," citing recent oil price increases that have boosted industry profitability prospects.
Fitch expects that, amid disruptions to transportation through the Strait of Hormuz, Brent crude oil prices will remain in the $100 to $110 per barrel range from June to July, but as supply recovers, oil prices are expected to fall back to around $70 by September.
Fitch assumes that after the Strait of Hormuz reopens, global crude oil production will quickly recover, and currently, there is no substantial damage to major oil infrastructure.
The agency stated that short-term energy supply concerns will continue to support oil prices, but as geopolitical risks ease and capacity is restored, the impact of rising oil prices is expected to gradually diminish.
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