Morgan Stanley Expects $40 Brent By Christmas

Morgan Stanley expects Brent crude to trade at $40 a barrel by the end of the year thanks to the recovery in demand, which has taken off faster than the bank expected, it said as quoted by Reuters. “We expect demand to rebound to about 97 million barrels per day (bpd) by Q4 as economies come out of lockdown - a significant improvement although still down about 4 million bpd year-on-year,” But Morgan Stanley analysts are going further: thanks to production cuts in OPEC and outside it, the oil market could swing into an undersupply in…