Morgan Stanley lowers oil price forecasts, warns of global oversupply risk.

Jinse Finance reports that on June 30, Morgan Stanley lowered its oil price forecasts for the second time in about two weeks, as oil transport through the Strait of Hormuz resumed faster than expected and strong U.S. supply exacerbated oversupply risks. Analysts including Martijn Rats said in a report that they expect the average spot Brent crude price in the third and fourth quarters to be $75 per barrel, down $15 and $5 from previous forecasts respectively. Oil price forecasts for all four quarters of next year were also lowered, with expectations dropping to $70 by the end of 2027.
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