ANZ Bank Sees Oil Stabilizing At $60 In H2 2021

Brent Crude prices are set to hit $60 a barrel in the second half of this year and then stabilize at those levels, thanks to inventory drawdowns also helped by the extra Saudi production cut in the first quarter, ANZ Bank said on Friday. “The move by Saudi Arabia to cut output by 1mb/d has stabilised the oil market amid rising risks of ongoing weakness in demand. Air traffic remains subdued, while demand for road transportation fuel is falling again,” analysts at ANZ Bank said.   The near-term oil demand outlook is not constructive…