Geopolitical Risk Will Linger In Brent

BMI View : We have revised up our 2014 and 2015 average Brent forecasts to USD109.8/bbl and USD108.0/bbl respectively. A stalemate in the Iraq conflict will see lingering geopolitical risk to supply propping up prices. In addition, a disappointing supply picture will persist in Europe, the Middle East and Africa, supporting prices in 2014 and 2015. WTI will be supported by elevated Brent prices. This, along with our view for robust US demand in the coming quarters, has prompted us to revise up our 2014 WTI price forecast to USD102.0/bbl.


Geopolitical Risk Priced-In

Iraq Sees Break In Brent Prices
Daily - Front-Month Brent Crude, USD/bbl

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