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Morgan Stanley has finally raised its oil price forecasts.
It raised its Q4 Brent forecast directly from $75 to $100, while WTI was also raised from $76 to $96.
The numbers look shocking, but there’s something interesting when you look closer.
When oil prices start moving higher, the market is initially skeptical; once prices have risen by a meaningful amount, institutions recalculate their models; and once the trend is fully established, price targets across the industry are raised one after another.
This script has played out many times before.
A lot of the time, Wall Street foreca