04JUL2019 - NEWS - Morgan Stanley cuts long-term Brent price view after OPEC supply cuts

Morgan Stanley lowered its long-term Brent price forecast and said the oil market is broadly balanced in 2019 after OPEC and its allies including Russia agreed to extend their production cuts by even longer than expected. The bank lowered its long-term Brent price forecast to $60 per barrel from $65 per barrel, while it expects prices for the global benchmark to fluctuate around $65 per barrel, from $67.5 per barrel previously, in the next three quarters. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group knows as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.